After only 11 years, Axcel Capital Partners, the private equity firm that owns Danish retailer Georg Jensen (as well as a 60 per cent stake in Pandora purchased in 2008), is selling the 108-year-old company to Investcorp for a reported $134.5 million.
In 2011, Georg Jensen had worldwide sales of around $153.7 million.
Investcorp’s European private equity head, Hazem Ben-Gacem, who will co-chair Georg Jensen, believes Investcorp has the formula to position the luxury brand alongside Gucci and Tiffany’s, other multi-billion dollar brands Investcorp has helped to transform.
Notably, as part of the deal, Investcorp is teaming up with the founder of luxury brand Nautica, David Chu. Chu is said to become Georg Jensen’s chief creative director and co-chairman of the board.
Chu won’t be the only high profile board member. Guy Leymarie, former head of De Beers Diamond Jewellers, the diamond miner and marketer’s retail joint venture with Louis Vuitton Moët Hennessey, will join him. Leymarie also held positions with Cartier International and Dunhill.
Axcel Capital Partners purchased Georg Jensen, part of the Royal Scandinavia Group in 2001. Georg Jensen was founded in 1904 by Georg Jensen, the company operates 94 fully-owned stores and three franchise locations worldwide, selling fine jewelry, watches, silverware and high-end housewares.
The company has been slowing expanding its Australian based retail operation. There are now 14 Georg Jensen stores, an increase from 11 since
Jeweller’s last
State of the Industry Report.
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