Change Capital bids for Richemont's Lancel-sources

PARIS Wed Oct 16, 2013 5:43pm BST

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PARIS Oct 16 (Reuters) - Swiss luxury group Richemont is informally looking for potential buyers for its fashion brand Chloe and received a non-binding offer this month from private equity firm Change Capital for leather goods maker Lancel, sources close the matter said.

The disposals are part of Richemont's decision to offload poorly performing businesses and focus on its core watch and jewellery brands, which include Van Cleef & Arpels, Lange & Soehne and Cartier.

Regarding the sale process of Chloe, for which advisers have not yet been retained, one of the sources said: "It is not a question of if but a question of when."

Several sources said Lancel was a difficult business to sell and Change Capital Partners had made a bid because of their experience turning around businesses.

The sprawling Asian conglomerate Swire, the largest shareholder of airline Cathay Pacific and distributor of brands Repetto, Chevignon and Columbia in Hong Kong and mainland China, is looking to team up with a private equity firm to make a bid for Lancel, the sources added. (Reporting by Astrid Wendlandt, editing by Geert De Clercq)

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