According to WWD, Jil Sander has another new owner. Change Capital Partners will sell Jil Sander to Onward Holdings Co. Ltd., the Tokyo-listed apparel group, and its European subsidiary, Gibo Co. SpA, for $244 Million.
Creative director Raf Simons and chief executive officer Gian Giacomo Ferrari will stay on.
Onward is a $2.6 billion apparel giant that owns 90 companies
based around the world (mainly in Japan) which design,
manufacture and distribute ready-to-wear.
The latest sale of Jil Sander continues a somewhat unsettling ride for
the brand ever since Prada bought the fashion house in 1999. Sander
herself left the brand six months later after clashes with Prada chief
Patrizio Bertelli, only to be lured back again in May 2003 — then to
leave finally in November 2004. Bertelli appointed Simons as creative
director in May 2005, which began the turnaround at the house.
Simons’ design aesthetic centers on calm elegance with precise cuts,
intricate details and feminine flourishes, and he has consistently
garnered strong reviews from buyers and press since his Sander debut in
February 2006, his first-ever women’s collection.
While the focus has been on slow but steady growth, Ferraris has added
more and more licenses to the Sander portfolio. In addition, Simons’
collections have begun to win back former loyalists of Sander, as well
as attract a new clientele ranging from artsy types to the red carpet.
The transaction is expected to close shortly.
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