Serafin, a mid-market maternity wear business, was sold for a deal worth £ 50m, and founder Cecil Reynaud reportedly received nearly £ 20m from the new owner.
French Entrepreneurs founded the label in 2002 as a single store in London with a startup capital of £ 250,000, making it a high-demand brand. After being worn by celebrities such as the Duchess of Cambridge, Mila Kunis, and singer Sophie Ellis Bexter, the promotional effect increased. Renault has previously stated that celebrity support is the key to brand growth.
The Times reported that it was acquired by the company’s management under Mayfair Equity Partners and CEO (and former Assos executive) David Williams. It was owned by Renault and venture capital firm Bridgepoint Growth, which it acquired in 2017, leaving Renault about one-third of the company.
Unlike some fashion retailers, Seraphine has a strong online operation (currently about 90% of its sales are online) and has been doing well this year as it was easy to move to loungewear. did.Both its sales and profits will grow in 2020, the company The Sunday Times In the UK’s fastest growing exporter ranking, only a quarter of sales are generated in the UK.
Its final official result set (year to April 2019) showed sales of £ 22m and profit before tax of £ 2.8m. However, in the next 12 months, sales reached £ 28.1 million, with about one-third of sales coming from the United States.
Renault plans to leave the company and the acquisition “has made a dream come true. I know I can withdraw and the business is in great shape,” he told the Times. She added that she now supports charities. We are working with young female entrepreneurs, including the Cherie Blair Foundation for Women, as it is now a “give back time”.
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Serafin sold for £ 50m, with management and Mayfair equity in control
Source link Serafin sold for £ 50m, with management and Mayfair equity in control