Nov 09 2012
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Investcorp acquires Scandinavia's leading luxury retailer Georg Jensen
BAHRAIN -- Investcorp, a leading provider and manager of alternative investment products, has signed an agreement to acquire Scandinavia's leading luxury retailer Georg Jensen for $140 million from private equity group Axcel Capital Partners. As part of the transaction, Investcorp has teamed up with David Chu, the luxury brand entrepreneur and founder of Nautica, who will join the company as Chief Creative Director and Co-Chairman of the Board. Also joining the Board is Guy Leymarie, former Chief Executive Officer of DeBeers Diamond Jewellers, Cartier International and Dunhill.
Mohammed Al-Shroogi, Investcorp's President for Gulf Business, said: "We are pleased to be entrusted with taking Scandinavia's preeminent luxury brand to a global level. We believe that in partnership with the current solid management team, led by Ulrik Garde Due, and luxury retail legend David Chu, Georg Jensen stands to become one of the leading hard luxury brands in the 21st century, leveraging on an over 100 year brand legacy and a unique Scandinavian design DNA that stems from the early work of Mr. Georg Jensen himself."
Ulrik Garde Due, CEO of Georg Jensen since 2007, said: "We are delighted to be working with Investcorp, which has an unrivalled experience in making luxury brands. Investcorp's commitment to developing the brand will ensure we will further strengthen Georg Jensen's position globally as the leading Scandinavian luxury lifestyle brand."
The new co-chairman of the Board and Chief Creative Director, David Chu said: "I am proud to team up with such an outstanding management team to together lead Georg Jensen forward. It has a world famous design heritage and a global reputation for outstanding luxury product and quality that we will take to the next level."
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.
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