Private equity firm Change Capital Partners has sold luxury fashion retailer Jil Sander to Tokyo-listed apparel group Onward and its European subsidiary GIBO, for €167 million (£135.5 million).

Jil Sander was bought by Change Capital in 2006, which transformed the business from a negative EBITDA of €12.9 million (£10.5 million) in 2005 to a positive €6.1 million (£4.9 million) last year.

Change Capital managing director Stephen Lobmeyr said: “We are proud of what we have been able to achieve with Jil Sander. We are pleased to reach agreement with Onward for the sale of this fantastic company, which has a great management team and excellent growth prospects.”

Jil Sander has 61 stores internationally – 26 of which are operated directly – as well as an extensive franchise operation across Asia, Europe and North America.

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