Bahrain: Investcorp, a provider and manager of alternative investment products, on Monday announced that it has signed a definitive agreement to acquire Scandinavia’s leading luxury retailer Georg Jensen for $140 million from private equity group Axcel Capital Partners.
As part of this transaction, Investcorp has teamed up with David Chu, the luxury brand entrepreneur and founder of Nautica, who will join the company on closing as Chief Creative Director and Co-Chairman of the Board. Also joining the Board on closing will be Guy Leymarie, former Chief Executive Officer of DeBeers Diamond Jewellers, Cartier International and Dunhill.
Georg Jensen is a global luxury brand that designs, manufactures and distributes jewellery, watches, fine silverware and high-end homeware. With a history that spans over 100 years, the Georg Jensen brand has a deep heritage in silversmith and represents quality craftsmanship and timeless designs.
Mohammad Sammakia, Managing Director at Investcorp and regional head for UAE, said: “Over the course of three decades, Investcorp has invested in several luxury brands. Based on this experience and with the support of luxury brand veteran, David Chu, we will work closely with Georg Jensen’s management team to help promote the Georg Jensen brand globally.”
Georg Jensen was founded by the eponymous designer in 1904. Today the business has 94 fully owned stores and three franchised stores across the world. The vertically integrated company has approximately 1,200 employees worldwide. In 2011, the company had sales of approximately $160 million. Georg Jensen is part of the Royal Scandinavia Group which was bought by Axcel in 2001.
“We are delighted to be working with Investcorp, which has an unrivalled experience of building luxury brands. Investcorp’s commitment to developing the brand will ensure we are able to further strengthen Georg Jensen’s position globally as the leading Scandinavian luxury lifestyle brand,” Ulrik Garde Due, CEO of Georg Jensen, said,
