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Owners of Peacocks to sell chain for £600 mn

19
May '10
Owners of fashion outlet, 'Peacocks' are considering sales of their business for about £600 million ($875 million).

Private equity arm of Goldman Sachs that is leading the stakeholders are interested to make the most of the current boom in low-end retailers.

Sales of Cardiff-based retailer would imply a marginal profit for the management, including for its Chief Executive Officer, Richard Kirk, who holds 30 percent stake in the company. US-based hedge funds, Och-Ziff and Perry Capital are the other investors.

In addition, Peacocks that also operates Bonmarche discount chain of outlets has also witnessed an increase in sales due to its joint venture with singer-turned-fashion designer, Pearl Lowe. Its like-for-like sales increased to 17 percent during last Christmas.

Company officials feel they are benefiting due to its capacity to function with the changing fashion tends.

Fibre2Fashion News Desk - India


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