Anya Hindmarch And Mayhoola For Investments Are Parting Ways
LONDON — Anya Hindmarch Ltd. and its Qatari partner Mayhoola for Investments plan to part ways after seven years, and in an increasingly fierce market for independent, high-end accessories brands.
According to a person familiar with the matter, Mayhoola is exploring a sale of the British handbag label, which has struggled to turn a profit in recent years amid a difficult period of restructuring, reported Business of Fashion.
In 2017, the London-based brand reported a pre-tax loss of £28.2 million, according to annual filings. But significant cost-cutting efforts and a shift from traditional retail to the web have put it on a more stable financial footing, the person familiar with the situation said.
Anya Hindmarch founded her business in 1987. Mayhoola for Investments took a minority stake in the label in 2012.
Mayhoola, said to be controlled by Qatar’s royal family, bought the Valentino fashion house in July 2012 and Balmain in 2016 (see it here).
In 2014, it added a majority stake in Forall Confezioni SpA, which produces Pal Zileri and also holds licenses for Moschino and Cerruti 1881.
Over the years, the fund has pumped millions into Anya Hindmarch, growing its stake from 39.9% in 2012 to at least 75% by the middle of 2018. It paid £20 million to acquire its latest tranche of shares last September, company documents show.
Those cash infusions have helped prop up the business through a difficult time. The company closed eight store and concession locations in 2017 and implemented a management shakeup.
As part of its turnaround, the company has targeted more investment in online sales, launched a home fragrance line and revamped its marketing.
The sale is being handled by boutique investment banking firm Savigny Partners.
Photos Credit: Yannis Vlamos / Indigital.tv
Source: Business of Fashion