山東如意將收購法國輕奢時尚集團

US private equity firm KKR plans to sell SMCP to China’s Shandong Ruyi in a deal that values the French fashion group at 1.3bn including debt, according to people familiar with the matter.

知情人士稱，美國私人股本公司KKR計劃將SMCP出售給中國的山東如意，這筆交易對上述法國時尚集團估值13億歐元（包括債務）。

The owner of the Sandro and Claudie Pierlot brands would become the latest European luxury target to fall into Chinese hands under an arrangement that would see the textile manufacturer buy KKR’s majority stake in SMCP.

擁有桑德羅(Sandro)和Claudie Pierlot等品牌的SMCP，將成爲最新一個落入中資囊中的歐洲奢侈品目標。根據交易安排，身爲紡織品製造商的山東如意將買下KKR在SMCP所持的多數股權。

The deal, expected to be announced today, would mark an abrupt reversal of plans for KKR. It said this month that it planned to list SMCP on the Paris stock exchange as early as this summer.

預計今日宣佈的這筆交易，將標誌着KKR的計劃發生突變。它在3月早些時候曾表示，計劃最早於今年夏天將SMCP在巴黎證券交易所上市。

KKR declined to comment. The New York-based private equity group bought 65 per cent of SMCP three years ago from L Capital, the private-equity investing arm of French luxury group LVMH, and Florac, another buyout group, in a deal that valued SMCP at about 650m including debt.

KKR拒絕置評。總部位於紐約的這傢俬人股本集團在三年前收購SMCP的65%股份，賣家是法國奢侈品集團路威酩軒(LVMH)的私人股本投資部門L Capital以及另一家收購集團Florac，那筆交易對SMCP估值6.5億歐元（包括債務）。

The deal is the latest international foray by Shandong Ruyi, which in 2012 led an international consortium to buy Cubbie Station, an Australian cotton farm, for $232m. It had been in talks with SMCP before the flotation plans.

這筆交易是山東如意最新的境外收購行動。2012年，該公司曾牽頭一個國際財團以2.32億美元買下澳大利亞庫比棉花農場(Cubbie Station)。該公司在SMCP上市計劃出爐之前就開始與SMCP洽談。

SMCP has enjoyed rapid growth in recent years as its labels tapped in to the accessible luxury market.

SMCP近年享有快速增長，旗下品牌打入輕奢市場。

The group now has more than 1,100 stores worldwide including a recent expansion into Hong Kong and mainland China to cater to the region’s fast-growing middle classes.

該集團目前在世界各地擁有1100多家門店，包括最近擴張進入香港和中國內地，迎合該地區快速發展壯大的中產階層。

The group was founded by Evelyne Chétrite and Judit Milgrom, two sisters. Ms Chétrite began Sandro, which dresses young executives, in the late 1980s. Mrs Milgrom founded Maje, which targets urban teenagers. The two acquired Claudie Pierlot in 2009.

該集團由埃弗利娜•謝特里特(Evelyne Chétrite)和朱迪絲•米爾格龍(Judith Milgrom)兩姐妹創立。謝特里特在上世紀80年代後期創立桑德羅，推出面向年輕高管的女裝。米爾格龍創立Maje，瞄準城市青少年。2009年，兩姐妹收購Claudie Pierlot。

According to the registration statement SMCP filed ahead of its planned IPO, the two founders own a little more than 21 per cent of the group, and 14.6 per cent of the voting rights. KKR owns 69.8 per cent, and 78.8 per cent of voting rights.

根據SMCP在原計劃的首次公開發行(IPO)之前提交的登記聲明，兩位創始人如今擁有集團略高於21%的股權，以及14.6%的投票權。KKR擁有69.8%的股權，以及78.8%的投票權。

Group earnings before interest, taxes, depreciation and amortisation (ebitda) last year were 107m, 44 per cent up on a year earlier. Revenues were 675m, 33 per cent more than in 2014.

集團去年的息稅折舊及攤銷前利潤(EBITDA)爲1.07億歐元，較上年增長44%。營收爲6.75億歐元，比2014年高出33%。

Daniel Lalonde, SMCP’s chief executive, said at the time of the IPO registration filing that the listing would include a capital increase of 150m — 175m. He also said that the money raised would help reduce its 290m debt.

SMCP首席執行官丹尼爾•拉隆德(Daniel Lalonde)在提交IPO登記聲明時表示，上市將包括1.50億至1.75億歐元的增資。他還說，籌資所得將幫助減少該集團2.9億歐元的債務。

The prior negotiations between KKR and Shandong Ruyi reportedly broke down over the price but also over the amount that the founding sisters would be prepared to sell of their stake. The people familiar with this week’s planned sale announcement said it will see the sisters retain a stake in the group.

據報道，KKR和山東如意之前進行的談判曾經破裂，原因既涉及價碼，也包括創始姐妹願意出售多少股權。熟悉本週擬宣佈的交易的人士稱，兩姐妹將保留一部分集團股份。