(Filed Under wholesale Lingerie News). Perceva, a French investment group, has not yet completed negotiations with Fruit of the Loom for the purchase of its Vanity Fair Brands Europe (VFB) division. Kirby Jordan, a Fruit spokesperson, confirmed that negotiations continue, but that there was nothing new to report as of noon August 14th.
Fruit of the Loom, owned by Berkshire Hathaway, reportedly decided last year to sell VFB, which includes the lingerie brands Lou, Variance, Vanity Fair and BestForm, and Cherry Beach, a swimwear label. In June it was widely reported that Perceva, had entered into exclusive negotiations with Fruit, but no information has been released by the parties since then.
In the meantime, BODY was told that Nicolas Torloting, managing director of Vanity Fair Brands Europe, left the company around the end of July. He had been with the firm when negotiations with Fruit of the Loom began. It is also known that CMK, the marketing and distribution firm that had been handling the Lou brand in the U.S., ended its relationship with VFB at the start of August.
Perceva has no other apparel holdings in its portfolio which currently include a specialty truck trailer maker, a gourmet food company, a motorcycle equipment maker, a seafood distributor, a wood fired furnace manufacturer, an HR consultant and a flower and plant distributor.
Should the Perceva deal go through, it will join several other investment groups, with no apparent apparel expertise, that have acquired holdings in intimate apparel firms. These include 3i, a UK-based group that owns a major stake in Agent Provocateur and Pull-in and Halder, a German investment group, which recently acquired Amoena.
It has been widely reported that annual sales at VFB are about 55 million euros (around $61 million), the majority of which comes from France and Spain.
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