PARIS — French contemporary brand A.P.C. said it has sold a 7 percent stake to French investment firm Audacia for a temporary cash injection to fund its expansion.
“The arrangement represents a temporary entry of the investment company to A.P.C. with a pre-established buy back agreement to take place in five years’ time,” the company stated. “The objective of the move is to fund retail growth and increase the debt capacity of the company.”
The company had previously erroneously communicated that it had sold a 14 percent stake, as reported in the French daily Le Figaro. It later clarified that the interview with Le Figaro had taken place several weeks ago, and that A.P.C. and Audacia had eventually agreed on a 7 percent stake.
Founded by Jean Touitou in 1987, A.P.C. recently opened a third store in New York and has plan for additional units in Milan, Berlin, Paris and the United States, it said. A.P.C. has more than 300 points of sale worldwide, including 47 freestanding stores.
“A.P.C. is my life and life is about creation. This deal means that I can avoid lengthy discussions with the bankers and concentrate on design and our own sustainable growth,” Touitou stated.