Hunkemöller sold to PAI partners

Following last weeks sales announcement of retail company De Bijenkorf to Selfridges, now international retail group Maxeda stated it’s selling Hunkemöller to PAI partners (PAI). The transaction isn’t set in stone as yet, but is expected to be final

early 2011 after the trade unions advice. With PAI, Hunkemöller believes it can strengthen its position as a leading European lingerie specialist.

Further sales by Maxeda, previously Vendex KBB, include Dutch retail store V&D to investor Sun European Partners. In 2007 retail company Hema, also Dutch, was sold to Lion Capital. Currently, Maxeda’s portfolio only features M&S fashion group, and Do It Yourself companies Praxis, Formido and Brico.

Established in 1886, Hunkemöller is a Dutch brand with an international network of nearly 500 stores. It is a market leader as a lingerie specialist in the Benelux, and is one of the largest lingerie specialists in Europe. Hunkemöller has some 2,700 employees and nearly 500 stores in the Netherlands, Belgium, Luxembourg, France, Germany, Denmark, Saudi Arabia, Egypt, Kuwait, Spain, Aruba, Curaçao, Russia, Poland and Saint Martin. Hunkemöller has developed a multi-channel strategy to grow its business through new stores, shop-in-shops, e-commerce and international franchising.

Philip Mountford, CEO of Hunkemöller said: "Hunkemöller has grown year on year over the last 10 years and it is now ready to further accelerate its growth strategy. PAI endorses and supports our plans and believes strongly in our strategy and the ability of our team to achieve our long-term vision. Hunkemöller has been resilient throughout the current economic situation and is well positioned for growth. With PAI's experience and expertise we are confident that we will continue to develop our image, product and market penetration."

PAI is an experienced private equity firm in Europe and retail is one of their core sectors with investments in retail formats such as Coin, Vivarte and Cortefiel.

Image: Hunkemöller