FRANCE: E-Land in talks to buy Lafuma
French outdoor clothing retailer Lafuma has confirmed that South Korean apparel conglomerate E-Land is in talks to buy the firm.
In a statement to the French securities market, Euronext Paris, the company said E-Land has shown an interest and discussions are at a very early stage, with no guarantee regarding the outcome.
According to a report in La Lettre de L'Expansion, E-Land is offering EUR35 per share, which values the company at EUR122m (US$159m). The group's share price has soared since the report, reaching EUR25.65 per share today (18 September) compared with EUR17 on Friday.
The E-Land group is one of the biggest fashion and retail businesses in South Korea, with a turnover of more than $7.5bn.
The group has a portfolio of 60 national brands and 40 private brands including Ellesse, New Balance, Berghaus, Teenie Weenie and Marie Claire. It also owns the Peter Scott knitwear business in Hawick and the Northhamptonshire-based Gloverall duffle coat maker, and last year bought weaving and tartan specialist Lochcarron of Scotland.
The group also runs overseas production bases in Sri Lanka and Vietnam where it employs around 4,000 workers making garments for the group as well as supplying other brands such as Esprit.
Esprit's plans to rejuvenate its brand have been described as a "total calamitous failure" by one analyst after the fashion retailer's turnaround efforts yet again failed to gain traction....
European activists have been detained by Cambodian police after taking part in a protest outside the E Garment clothing factory near Phnom Penh....
Leading apparel brands from the US are urging the Peruvian government to repeal legislation which allows suppliers to use short-term contracts to employ their workers....
Troubled Hong Kong-based fashion retailer Esprit has swung to a first half loss after reductions in operating costs failed to offset lower sales....
Danish clothing firm IC Companys has joined the Sustainable Apparel Coalition (SAC), which works to reduce the environmental and social impacts of global apparel and footwear production....
Indian conglomerate Aditya Birla Nuvo today (14 February) said it has seen its third-quarter profit and revenues increase, boosted by gains in its apparel business....
- M&S to launch supply chain human rights policy
- VF pushes ahead on chemicals management
- M&S project benefits garment worker health
- Nike reaffirms US production commitment
- Can the Gap brand reclaim its iconic status?
- Myanmar minimum wage set at US$3.2 per day
- China cotton stockpile auction may shake up market
- C&A to add "accurate fit" label to garments
- Far Eastern to invest $323m in Vietnam textile hub
- US retail landscape "mediocre" over next 5 years