Anya Hindmarch sold to Marandi family
Anya Hindmarch has been acquired by the Marandi family, which also has stakes in Emilia Wickstead, Wed2be and Soho House.
Iranian-born businessman Javad Marandi and his wife Narmina bought the majority stake in the luxury handbag brand from Mayhoola, which increased its shareholding to more than 75% last year.
Anya Hindmarch will remain on the board and as creative director, The Telegraph reported.
Her label, known for its accessories inspired by ordinary objects such as cereal boxes and construction symbols, swung into a £28m loss in 2017 following an ambitious international push.
It is understood that the brand has reduced losses since then, closing eight stores and concessions in the UK and Japan, overhauling its sourcing and revamping its marketing efforts.
The terms of the deal were not disclosed, but Mayhoola (which also backs Valentino and Balmain) bought a 39.9% stake in Anya Hindmarch for £27 million in 2012 before growing its stake to at least 75% last year. It paid £20 million to acquire the latest tranche of shares, according to reports.
Mayhoola has pumped about £26 million into the high-end label in the last three years to help fund its international expansion, cover the costs of a restructuring and branch out into footwear.
Anya Hindmarch said Mayhoola was “instrumental in building Anya Hindmarch into a strong, creative brand”.
Copyright © 2023 FashionNetwork.com All rights reserved.