71
Fashion Jobs
L'OREAL GROUP
Multi-Brand Education Manager
Permanent · JOHANNESBURG
L'OREAL GROUP
E-Commerce Manager
Permanent · JOHANNESBURG
BEIERSDORF
Brand Manager
Permanent · DURBAN
G-STAR
Key Account Manager
Permanent · CAPE TOWN
ESTÉE LAUDER COMPANIES
Marketing & Sales Operations Manager (Sub Saharan Africa)
Permanent · JOHANNESBURG
ESTÉE LAUDER COMPANIES
Marketing & Sales Operations Manager (Sub Saharan Africa)
Permanent · JOHANNESBURG
PUMA
Payroll Administrator
Permanent · CAPE TOWN
ADIDAS
Senior Manager Sales: Shoe Channel - em South
Permanent · CAPE TOWN
ADIDAS
Senior HR Business Partner (6-Months Maternity Cover)
Permanent · CAPE TOWN
L'OREAL GROUP
Product Manager
Permanent · JOHANNESBURG
TREK
Country Manager
Permanent · SANDTON
L'OREAL GROUP
E-Commerce Key Account Manager
Permanent · JOHANNESBURG
ADIDAS
ic pp Data & Analytics Specialist - em
Permanent · CAPE TOWN
BEIERSDORF
Precision Marketing & Audience Specialist
Permanent · DURBAN
CLINIQUE
Clinique - Roamer - Edgars Eastgate, Gauteng - 40 Hours - Full-Time - Permanent
Permanent · JOHANNESBURG
PANDORA
Sales Assistant Ppt 96 Hours Balito
Permanent · DURBAN
L'OREAL GROUP
Data Analyst
Permanent · JOHANNESBURG
HTNK
High-End Fashion/Denim Designer
Permanent · JOHANNESBURG
H&M
Talent Acquisition Specialist
Permanent · CAPE TOWN
ADIDAS
Specialist Franchise Excellence - Ems Africa Export
Permanent · CAPE TOWN
LOVISA
Full Time Team Member | v&a Waterfront, Cape Town
Permanent · CAPE TOWN
LOVISA
Store Manager | v&a Waterfront, Cape Town
Permanent · CAPE TOWN
By
Reuters
Published
Dec 23, 2009
Download
Download the article
Print
Text size

Valentino Fashion Group agrees recapitalisation

By
Reuters
Published
Dec 23, 2009

MILAN, Dec 23 (Reuters) - Italy's Valentino Fashion Group (VFG), bought by private equity investor Permira [PERM.UL] two years ago, has agreed a recapitalisation deal, reducing debt by one third to 1.5 billion euros ($2.2 billion), it said on Wednesday 23 December.



In a statement, VFG said Permira and Italian investor the Marzotto family, who control VFG via the Red & Black company, had committed to putting up over 250 million euros in additional equity in the recapitalisation.

The deal includes "the reorganisation of the group structure below the controlling shareholder Red & Black, separating ownership of Hugo Boss from VFG", it said.

Germany's Hugo Boss (BOSG_p.DE) is one of three VFG brands, which also include Valentino and Marlboro Classics.

Creditor bank Citigroup is selling its debt position to Red & Black, while Italy's Mediobanca SpA (MDBI.MI) and UniCredit SpA (CRDI.MI) will continue as lenders, VFG said.

Terms on the remaining debt have been amended to increase VFG's financial flexibility to support its growth plans, it said.

Earlier this month sources close to the recapitalisation said Permira was in talks to buy some of the debt amassed to purchase VFG.

Hugo Boss shares closed up 0.7 percent at 24.410 euros, underperforming the DJ Stoxx personal goods sector index .SPQP which was up 1.2 percent. (Editing by David Holmes) ($1=.6986 Euro) (Milan newsroom, +39 02 6612 9507, fax +39 02 801149, [email protected]))

© Thomson Reuters 2024 All rights reserved.