MILAN, Sep 3, 2008 / FW/ — A few weeks before the Milano Moda Donna Spring 2009 season begins, Bloomberg News reported that Onward Holdings, a Japanese clothing company is acquiring Jil Sander for €167 million (approximately $245 million) from Change Capital Partners.
A London-based private equity company, Change Capital Partners acquired Jil Sander from the Prada Group two and a half year ago and saw it post €6.1 million before interest, tax, depreciation and amortization in 2006, after reporting a loss of €12.9 million on the same basis in 2005.
Jil Sander had added new stores and increased its product offerings plus improved its distribution under Change Capital Partners. Tokyo-based Onward Holdings plan on leveraging that momentum as it makes the acquisition of the German fashion houses through its European unit, GIBO.
And from the looks it, Jil Sander’s forward momentum will continue as Raf Simons, the house’s Creative Director brings his background in menswear to the womenswear line to create structured, tailored and sleek silhouettes that are sophisticated with a suitably feminine flare as what he did for the Fall 2008 collection that is currently in stores.