Thomas Meyer, founder and CEO of the Spanish brand Desigual, has become the sole shareholder of his company again. French investment group Eurazeo, which acquired a 10 percent stake in the company in 2014, announced it will be selling its shares back to Meyer.
“After four years of mutual cooperation, the joint owners have decided that, given the market environment and their respective time frames and objectives, it is in their and Desigual’s best interests that Thomas Meyer becomes the company’s sole shareholder”, said Eurazeo in a statement.
Eurazeo’s statement added that, by selling its 10 percent stake, the company will only recuperate half of its initial investment of 285 million euros (254 million pounds). Desigual ended the first half of 2018 with a turnover of of 323 million euros (287 million pounds), a decrease of 14 percent compared to the same period last year.
Founded in 1984 and headquartered in Barcelona, Desigual is best known for its patchwork designs, bold prints and splashes of color.
Photo: Desigual Facebook