UK: Hobbs private equity owner writes down value
Hobbs operates 140 stores and concessions in the UK and Ireland
Private equity firm 3i has written down the value of its investment in women's wear retailer Hobbs by GBP14m (US$22.9m), blaming weak trading during the Christmas period.
3i acquired the retailer from Barclays Private Capital for GBP111m in 2004. Hobbs operates 140 stores and concessions in the UK and Ireland, with a growing online business in Europe, North America and Asia.
"Markets remain challenging for a number of our portfolio companies and the good overall performance was offset by a significant value reduction in the period of GBP14m for our investment in Hobbs due to trading weakness in the last quarter of 2013," 3i said in a statement.
- Low labour cost countries linked to highest risks
- Why should brands care about China cotton?
- UK reshoring hub hit by sweatshop claims
- New fibre and fabric innovations for outdoor wear
- COMMENT: Skills or new technology?
- South Africa to grow grass for recyclable textiles
- US West Coast port contract reached
- 30% of Adidas cotton from sustainable sources
- Activewear driving US apparel spend
- Benetton to embark on living wage roadmap
- Outdoor performance apparel: peaks, valleys, and green fields
- Myanmar's Garment Sector - Opportunities & Challenges in 2015
- Global market review of swimwear - forecasts to 2019
- Management briefing: Outlook 2015: Apparel industry issues in the year ahead
- Apparel Retail: Top 5 Emerging Markets Industry Guide