Sycomore Corporate Finance acted as financial advisor to La Redoute
A newly created entity has acquired all the shares of La Redoute, Redoute International and Relais Colis following a concomitant recapitalisation by Kering. This company will be co-chaired by Mrs Balla and Mr Courteille, who jointly have the majority shareholding, the remainder of the capital being held by a team of managers.
The acquisition will enable the new buyers to continue and accelerate the transformation of the companies within their framework of a long-term industrial plan, capable of ensuring a return to growth.
Mrs Balla’s and Mr Courteille’s industrial plan combines two complementary aspects:
The activity of the international subsidiaries will be given fresh impetus by marketing the offer in 24 countries, refocusing the company’s own business on its key markets.
The transaction is in line with Kering’s long-term strategy to sell retail units and focus on its luxury businesses.
La Redoute is a multi-specialist in ready-to-wear and home ware with 10 million active customers worldwide. La Redoute is the second biggest retailer of women’s clothing and the third biggest for household linen in France. Laredoute.fr is the No.1 clothing and home ware website for retail sales in France, with an average of 7 million individual visitors per month. In 2013, online sales accounted for more than 85% of the brand’s France revenues.
A world leader in apparel and accessories, Kering develops an ensemble of powerful Luxury and Sport & Lifestyle brands: Gucci, Bottega Veneta, Saint Laurent, Alexander McQueen, Balenciaga, Brioni, Christopher Kane, McQ, Stella McCartney, Tomas Maier, Sergio Rossi, Boucheron, Dodo, Girard-Perregaux, JeanRichard, Pomellato, Qeelin, Puma, Volcom, Cobra, Electric and Tretorn. Present in more than 120 countries, the Group generated revenues of €9.7bn in 2013 and had 31,000 employees. The Kering (previously PPR) share is listed on Euronext Paris (KER.PA, KER.FP).