Melbourne-bred global fast-fashion retailer Forever New, which vies with Zara and H&M for female shoppers’ wallets, is trying on new owners for a fit.
M for female shoppers’ wallets, is trying on new owners for a fit.
Street Talk can reveal Forever New’s 50 per cent owner, British retail tycoon Tom Singh, has called in KPMG Corporate Finance to hunt for a deep-pocketed investor to buy him out, at a time when the business is making close to $60 million in earnings. Singh is calling time on his stay at Forever New’s register after 17 years. He backed founder Dipendra Goenka when he started the retailer in 2006. At the time, Singh had already made his name from British high-street retailer New Look, which he founded in 1969.Sources said Singh’s Rianta Capital had tasked KPMG’s retail guru, Luke Lawrentschuk, with finding a buyer for his Forever New stake. .
KPMG was understood to have taken a bunch of interested parties through the first round of bids last month. The process has targeted offshore growth investors who are willing to take a ‘large minority’ holding of between 40 and 50 per cent, sources said.Forever New sells women’s clothing, shoes and accessories to mid-market shoppers. Its dresses, for example, start at $99.99 a pop and go up to $219.99 each.
Tom Singh, who founded UK retail chain New Look, is selling between 40 and 50 per cent of Forever New.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US food pesticides contaminated with toxic ‘forever chemicals’ testing findsPFAS are present at ‘potentially dangerous’ levels in widely used chemicals sprayed on food crops destined for Americans’ plates
Read more »
Melbourne set for coldest weekend in three years as big chill bitesAn unofficial winter has arrived in Melbourne, with temperature not expected to breach 13 degrees this weekend.
Read more »
Melbourne could have its coldest May weekend in 23 years as cold front sweeps southA cold front is sweeping the south-eastern corner of the country, with Melbourne predicted to have its coldest May weekend in 23 years. 9News
Read more »
Melbourne could have its coldest May weekend in 23 years as cold front sweeps southA cold front is sweeping the southeastern corner of the country, with Melbourne predicted to have its coldest May weekend in 23 years. 9News
Read more »
AFL round eight live updates: Richmond v West Coast, Geelong v Adelaide, Gold Coast v MelbourneFollow on along for all the live coverage of Saturday’s mega day of footy, starting with Richmond and West Coast at the MCG.
Read more »
Melbourne embraces classic recipes amid Coronation quiche controversyAs the coronation quiche stirs controversy in Melbourne, locals opt for more classic recipes like Linzer tarts and coronation chicken sandwiches to celebrate the occasion. Amidst the festivities, Government House has opened its doors to the public, providing a rare opportunity for visitors to explore the historic dining room and sign the coronation guestbook. While King Charles and Queen Camilla have not recently visited Government House, King Charles was present in 1983 and 2012, adding to the estate's rich history. Melburnians are encouraged to come down and experience the impressive grounds firsthand as the celebrations continue.
Read more »