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First Pix of Savannah and Sienna Mil...   Pity The Poor People At Valentino
May 11 2007 5:30AM EDT

Jil Sander Back On The Block?

I heard from a friend in private equity yesterday that Jil Sander was back on the block. So imagine how not-at-all surprised I was to see that Armin Mueller, Sander's C.F.O., had done an interview with WWD (subscription only) to discuss the positive year-end results. What better way to attract potential buyers for the company? EBITA (Earnings before Interest, Taxes and Appreciation) is now 4.3 million euros (or $5.8 million), compared with a loss of 19.8 million (or $24.9 million) in 2005-2006.

Jil Sander was bought by London's private equity group Capital Change Partners in February 2006. Raf Simons has been the creative director since July 2005. The appointment was a wise one. After the fall show, Style.com's Sarah Mower said, "Jil Sander may be the last designer resource for alpha-female corporate dressing left unbowed in the twenty-first century..." Not a bad niche market for a label to have.

If Capital Change can manage a sale before the end of the year, it will beat the record for speedy exit set by Lion Capital when they sold Jimmy Choo after having owned it for only little over two years. Traditionally, private equity buyers waited three to five years before selling on. But Capital Change must realize that the current climate for luxury deals can't last forever, best to sell while the selling is good. And note to potential purchasers: best to make sure Raf stays happy.

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