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A Hong Kong based private equity firm is to acquire a majority stake in the British footwear manufacturer and retailer.
Lionrock Capital is to acquire a £100 million (US$130.32 million) majority stake in Clarks, with the Clark family allegedly remaining involved in the nearly 200-yearold company. The Lionrock Capital investment in Clarks is to be subject to shareholder approval, with a vote on the proposed transaction to take place in December.
According to media outlet Sky News, Clarks and its advisors met with retail property owners to discuss a company voluntary arrangement (CVA), which would allow the retailer to move to a “turnover rent” model linked to sales. The restructuring, which would need to be approved by creditors, would result in Clarks closing 50 stores.
“The challenges to our business brought on by Covid-19 have meant that we need more resources and investment in order to fully deliver this strategy and safeguard the future of our business”, said Giorgio Presca, CEO, Clarks. “For nearly 200 years, Clarks has been a pioneer of shoemaking, inventing the casual shoe and delivering innovative and iconic shoes consumers love and trust. Underpinned by a rich heritage and strong values, today we are a leading global footwear brand serving millions of consumers across the world. Our new strategy, in conjunction with our new partnership with LionRock Capital, will create a strong and sustainable future for this unique and iconic brand”, he added.
Sources: Sky News/Drapers