French fashion retailer Gérard Darel is aiming to double its turnover following the acquisition of a majority stake in the retailer by private equity house Advent International.
Advent, which has a string of global investments including UK retail chain Poundland and German stationer Herlitz, revealed this week that it would support the fashion retailer’s international expansion plans. It bought the stake for an undisclosed sum.
Gérard Darel, which sells mid- to high-end women’s clothing, intends to double its portfolio of standalone stores in France from the 40 it has at present.The retailer sells in 45 countries through 90 standalone stores, 140 department store concessions and 1,200 wholesale accounts.
Gérard Darel’s sales were €158 million (£125 million) last year, a 12 per cent uplift year on year. A third of its revenues are generated in its international markets.
Gérard Darel chief executive Laurent Gerbi said: “In selecting Advent International as our partner, our group has access not only to the expertise of a renowned global private equity player to advance the company’s international development, but also the financial resources to support our ambitious growth strategy.”
Pascal Stefani, managing director of Advent International in France, said: “The company’s future growth prospects are strong and the performance of its retail and wholesale network, as well as the professionalism of its management team, are equally important assets that will allow Gérard Darel to become a leading women’s clothing and leather goods brand worldwide.”