Fashion retailer French Connection (FC) has been sold to MIP Holdings a business owned by the retailer’s second largest shareholder Apinder Singh Ghura. FC founder Stephen Marks who had founded the retailer back in 1972 has sold his stake and will now retire from the role of chairman & chief executive.
Marks said: “When the transaction closes, I will retire from French Connection. This is an appropriate time for me to step back from the business I founded in 1972. The price we have negotiated is at a significant premium to the share price prior to the commencement of the offer period and demonstrates the potential offered by the French Connection brand.”
Buyer Apinder Singh Ghura added: “We are looking forward to working with French Connections’ management to executive and implement MIP’s strategic plan to facilitate the future growth and profitability for the business.”
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