US private equity firm KKR plans to sell SMCP to China’s Shandong Ruyi in a deal that values the French fashion group at €1.3bn including debt, according to people familiar with the matter.
The owner of the Sandro and Claudie Pierlot brands would become the latest European luxury target to fall into Chinese hands under an arrangement that would see the textile manufacturer buy KKR’s majority stake in SMCP.
The deal, expected to be announced today, would mark an abrupt reversal of plans for KKR. It said this month that it planned to list SMCP on the Paris stock exchange as early as this summer.
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