Maxeda sells Hunkemöller to PAI partners
After selling De Bijenkorf department stores to the Selfridges Group last week, Dutch fashion retailer Maxeda (owned by KKR) announced that it has agreed to sell its lingerie store chain Hunkemöller. The buyer is PAI Partners, an experienced private equity firm that already possesses a controlling stake in major clothing retailers such as Gruppo Coin SpA and Cortefiel. The investment firm has also been a majority owner of Vivarte for some years.
After requiring approval from the trade unions and authorities involved, the transaction is expected to be completed in 2011. "We have been very impressed by the strong market position of Hunkemöller in the Benelux as well as the growth opportunity in Germany and other European countries”, commented Michel Paris, Head of Retail at PAI Partners. Founded in 1886, Hunkemöller has an international network of more than 450 stores consisting of its eponymous label and its other brand Bodique.
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