Lingerie maker Hunkemoller invites further bids in sale – sources

FRANKFURT/LONDON Oct 1 Suitors for Dutch
lingerie maker Hunkemoller have been invited to submit another
round of offers for the roughly 500 million euro ($560 million)
company as the sale process enters the final phase, two sources
familiar with the matter said on Thursday.

In July, several private equity groups including Sycamore
and Carlyle handed in bids for the company, which employs Dutch
model and TV personality Sylvie Meis in its marketing and has
over 600 stores in 16 countries from Spain to Saudi Arabia. At
the time, a buyer was expected to be picked within days.

But the offers had failed to meet the seller’s expectations,
several sources said.

At the same time, Hunkemoller’s trading had proved stronger
than initially expected with annualised earnings before
interest, taxes, depreciation and amortization (EBITDA) of 52
million euros, one of the sources said.

In July, sources said the company’s EBITDA was about 50
million euros.

One source familiar with the process said that bidders now
had the chance to tweak offers taking into account the earnings
update, and a decision was expected by early November.

While Sycamore and other buyout groups remain interested,
Carlyle had dropped out, a third source said.

Listed retail fashion companies such as HM,
Inditex, Next, Fast and Marks and
Spencer trade at an average of 13 times their expected
core earnings. Hunkemoller’s private equity owner PAI also hopes
to sell at double-digit earnings multiple.

Banks have lined up around 450 million euros of debt to back
a private equity buyout, according to banking sources.

PAI, Carlyle and Sycamore declined to comment.
($1 = 0.8932 euros)

(Reporting by Arno Schuetze and Claire Ruckin; editing by Susan
Thomas)

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Party celebrates luxe lingerie boutique opening

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From left: Sima Ladjevardian, Lynn Wyatt, Suzy Biszantz and Ashley Klauss at the La Perla Houston Boutique Opening Champagne Reception at Wyatt’s home.

Photo: Dave Rossman, Freelance

Suzy Biszantz, CEO of La Perla lingerie, and Lynn Wyatt at the La Perla Houston Boutique Opening Champagne Reception at Wyatt’s home.

Photo: Dave Rossman, Freelance

Guests chat at the La Perla Houston Boutique Opening Champagne Reception at the home of Lynn and Oscar Wyatt.

Photo: Dave Rossman, Freelance

Jana and Scotty Arnoldy

Photo: Dave Rossman, Freelance

Laurie and Reed Morian

Photo: Dave Rossman, Freelance

Andy Cordes and Brian Teichman

Photo: Dave Rossman, Freelance

Lynn Wyatt at her home.

Photo: Dave Rossman, Freelance

Isabel and Danny David

Photo: Dave Rossman, Freelance

Ann and Mathew Wolf

Photo: Dave Rossman, Freelance

Molly and Ford Hubbard

Photo: Dave Rossman, Freelance

Cabrina and Steven Owsley

Photo: Dave Rossman, Freelance

Reed Morian and Scotty Arnoldy

Photo: Dave Rossman, Freelance

Phoebe Tudor and Lindley Arnoldy

Photo: Dave Rossman, Freelance

Many and Ken Kades at the La Perla Houston Boutique Opening Champagne Reception.

Photo: Dave Rossman, Freelance

North American CEO Suzy Biszantz speaks at the La Perla Houston Boutique Opening Champagne Reception at the home of Lynn and Oscar Wyatt.

Photo: Dave Rossman, Freelance

Lynn Wyatt and Gary Tinterow

Photo: Dave Rossman, Freelance

From left: Kirby McCool, Chris Goins and Amy Purvis

Photo: Dave Rossman, Freelance

From left: Marzia Rossetto, Suzy Biszantz and Dancie Ware

Photo: Dave Rossman, Freelance

From left: Joyce Echols, Diane Lokey Farb and Melissa Mithoff

Photo: Dave Rossman, Freelance

Flowers at the La Perla Houston Boutique Opening Champagne Reception at the home of Lynn and Oscar Wyatt

Photo: Dave Rossman, Freelance

Hors d’oeuvres at the La Perla Houston Boutique Opening Champagne Reception at the home of Lynn and Oscar Wyatt.

Photo: Dave Rossman, Freelance

Lynn Wyatt opened her River Oaks home to welcome Suzy Biszantz, CEO of La Perla North America – along with her exquisite lingerie boutique – to Houston. The Galleria store is Texas’ first La Perla.

Forty guests mingled in Wyatt’s living room and foyer for the private champagne reception, while pianist Scott Graham provided background ambience.

Wyatt said the line’s name evoked a jewelry store when she first heard it years ago. But “La Perla” is fitting, she said, because the luxe intimates are a lot like pearls.

In addition to the Galleria store, the company has opened outposts this year in San Francisco and Miami and unveiled a redesign of its Madison Avenue flagship boutique, which includes a men’s line, Biszantz said.

Wyatt, ever the conversationalist, sipped her signature “half and half” champagne and white cranberry juice cocktail while she chatted with her guests. Spotted in the crowd: Isabel and Danny David; Jana and Scotty Arnoldy; Molly and Ford Hubbard; Phoebe Tudor;Melissa Mithoff; Cabrina and Steven Owsley; Andy Cordes and Brian Teichman;Kirby and Scott McCool; Diane Lokey Farb; and Joyce Echols.

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