Rob Fyfe, left, and Jeremy ​Moon will continue to work for Icebreaker following the sale.

The sale of merino wool clothing company Icebreaker has pocketed its former owners $288 million.

In November, United States retail firm VF Corporation, owner of The North Face, Vans and Wrangler brands, announced it was buying Icebreaker for an undisclosed sum.

On Monday, the Overseas Investment Office publicly released its decision, which granted consent for the deal to go ahead. It also disclosed the sale price of $288m.

The decision says the office was satisfied the individuals who will control the investment have the "relevant experience and acumen and are of good character".

READ MORE: Benefit of Icebreaker sale to US giant lead to cheaper prices

VF also showed it had financial commitment to the investment, it said.

In November, Icebreaker chairman Rob Fyfe said the company considered more than 24 serious offers to buy it before doing a deal with VF, which is based in North Carolina.

JOSEPH JOHNSON/STUFF Icebreaker has 30 stores and nine outlets across New Zealand, Australia, Europe, US and Canada.

Fyfe said VF was the chosen because it could lift the brand's worth to $1 billion by entering new markets that Icebreaker had not yet been successful in, such as the United States, Asia and Eastern Europe.

VF was committed to keeping Icebreaker's headquarters in New Zealand and the sale would not affect its 340 full-time staff, 30 per cent of which were based in here, he said.

Fyfe said the sale was not a loss, but a global opportunity gained for a New Zealand company.

Icebreaker was founded by Jeremy Moon in 1995 when he was 24 years old.

​Moon and Fyfe will continue to work for the company.

Exit Strategist director Ross Peden​​ said New Zealand brands selling to multinationals was "a little sad" but Icebreaker's "amazing story" could encourage other business owners to think about their exit strategy early.

The company has 30 stores and nine outlets across New Zealand, Australia, Europe, US and Canada. </s> Image copyright AFP

The fashion chain Jaeger has gone into administration, putting 700 jobs at risk in the UK.

The British retailer's directors appointed administrators after failing to find a suitable buyer for the struggling clothes business.

Jaeger has 46 stores, 63 concessions, a head office in London and a logistics centre in King's Lynn.

The firm has suffered from intense competition on the High Street and falling sales.

Jaeger, which was founded in 1884, has counted actresses, royalty and Arctic explorers among its fans.

However, it has struggled to keep up with rivals such as Burberry or see off competition from fast-fashion chains including Zara and H&M.

Image copyright Getty Images Image caption The Duchess of Cambridge has worn Jaeger clothing

It was acquired by private equity firm Better Capital in 2012, but was put up for sale for about £30m after struggling to boost sales.

Peter Saville, the joint administrator, said: "Regrettably despite an extensive sales process it has not been possible to identify a purchaser for the business.

"Our focus now is in identifying an appropriate route forward and [to] work with all stakeholders to do this."

Reports had suggested that the clothing retailer Edinburgh Woollen Mill was interested in the business.

The Scottish firm, which owns Jane Norman and Peacocks, bought some parts of the menswear retailer Austin Reed when it closed last year.

Heavy discounting

Jaeger's problems are partly because it has "struggled for years to truly understand its core clientele", according to analysts at retail consultancy Kantar Worldpanel.

Glen Tooke at Kantar said the firm also relied too heavily on special offers, estimating that discounts accounted for over three quarters of Jaeger's sales.

"This constant stream of sales and offers has discouraged shoppers from paying full price and has lessened their trust in the quality of the Jaeger product - one of its fundamental selling points," he said.

Last year the firm said its annual sales fell 4% to £78m, while it reported a pre-tax loss of £17m.

Jaeger started by selling woollen long johns and its clothes were worn by the explorer Ernest Shackleton on an Antarctic expedition.

In the 1950s and 1960s its celebrity fans included the actress Marilyn Monroe and the model Twiggy, before more recently being worn by the Duchess of Cambridge. </s> Fashion chain Jaeger has collapsed into administration, putting 700 high street jobs at risk.

Joint administrator Peter Saville, of AlixPartners, said: “Regrettably despite an extensive sales process it has not been possible to identify a purchaser for the business.

“Our focus now is in identifying an appropriate route forward and work with all stakeholders to do this. We will ensure that we communicate further as this process unfolds.”

On Friday the 133-year-old firm filed a notice of intent to grant administration with the British high court, handing the retailer 10 working days to bolster its financial position.

The firm’s website lists four Irish outlets, which are concessions in Arnotts in Dublin and House of Fraser in Dundrum, stockist Richard Alan on Grafton Street and a designer store in the Kildare Village mall. Representatives from the Jaeger outlet in Kildare village and the concession stand in the House of Fraser were not willing to comment on the future of the brand in Ireland.

The Press Association reported last month that Edinburgh Woollen Mill had emerged as front-runner to snap up the brand. The retail group run by the billionaire Philip Day is competing against a group of bidders also thought to include Mike Ashley’s Sports Direct and Jaeger’s former owner Harold Tillman.

Jaeger is valued at £30 million by Better Capital, which is headed up by private equity baron Jon Moulton. Glen Tooke, consumer insight director at Kantar Worldpanel, said customers had become reluctant to pay full price for Jaeger clothes after a “constant stream of sales”.

He said: “Jaeger has struggled for years to truly understand its core clientele. London Fashion Week collections and more fashion-forward designs may appeal to younger shoppers but with 45 to 54-year-olds accounting for a fifth of spend, Jaeger’s tendency to overlook them has critically damaged its brand. Remarkably, discounting accounts for over three-quarters of Jaeger sales.”

Better Capital acquired Jaeger for £19.5 million in 2012 but the firm has felt the strain under the difficult conditions for high-street fashion retailers. Last year the firm said total annual sales fell from £84.2 million to £78.4 million while it booked a pre-tax loss of £5.4 million, according to accounts filed at Companies House in Britain. Better Capital has enlisted the services of AlixPartners to sound out potential buyers. </s> (Updates Swift Transportation, Anglo American, AT&T;, Rent-A-Center, Eskom and Bain Capital; adds Maersk, Whole Foods, Stefanel, Banco and Xcerra)

April 10 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1940 GMT on Monday:

** Activist investor Jana Partners LLC disclosed an 8.3 percent stake in Whole Foods Market Inc as it looks to shake up the company’s board, while pushing it to explore strategic options, including a potential sale.

** Two private equity funds that have agreed to take over loss-making Italian clothing company Stefanel plan to relaunch the brand and sell it within five years, a source at one of the funds said.

** Spain’s struggling Banco Popular is looking at a another capital hike to clean up a balance sheet weighed down by billions of euros in toxic assets and would consider a merger deal, its new chairman said.

** A unit of a large China-based semiconductor investment fund has agreed to acquire U.S. semiconductor testing company Xcerra Corp for $580 million in cash, the companies said.

** World No. 1 shipping company Maersk Line gained EU antitrust approval for its acquisition of Hamburg Sud after agreeing to pull the German company out from five consortia on trade routes to address competition concerns.

** AT&T; Inc said it would buy Straight Path Communications Inc, a holder of licenses to wireless spectrum, for $1.25 billion in an all-stock deal as it aims to accumulate the airwaves it needs for a next generation network.

** German food company Frosta said it was talking to KitKat maker Nestle about buying its Italian frozen food business.

** Malaysia’s Petronas has pitched an estimated $1 billion stake in a prized upstream local gas project to potential bidders including Royal Dutch Shell, ExxonMobil Corp , Thailand’s PTT Exploration and Production and Japanese firms, sources familiar with the matter said.

** Ski resorts operator Aspen Skiing Co LLC and private equity firm KSL Capital Partners LLC will buy Intrawest Resorts Holdings Inc for about $1.5 billion, including debt, Intrawest said.

** The pressure on Rent-A-Center Inc to auction itself increased after Marcato Capital joined fellow activist investor Engaged Capital to force the rent-to-own furniture retailer to pursue a sale rather than a “risky” turnaround plan.

** Trucking and logistics operators Swift Transportation Co and Knight Transportation Inc are merging in a stock-swap deal, creating a company with a market value of more than $5 billion.

** Buyout groups Bain Capital and Cinven won an auction for German drugmaker Stada on after a surprisingly large increase on a previous bid valued the company at about 5.3 billion euros ($5.6 billion).

** Turkey’s Vestel is in talks to buy the television unit of Japan’s Toshiba Corp, a Vestel official said, a deal that could be worth a few hundred million dollars and could expand the Turkish firm’s global presence.

** Anglo American will sell its Eskom-linked thermal coal operations in South Africa for $166 million, it said, marking an important step in the mining giant’s strategic overhaul to sharpen its focus on three commodities.

** China’s HNA Holding Group Co. said it would make an offer to acquire Singapore-listed logistics firm CWT Ltd for $1 billion.

** A consortium of investors led by Indian private equity fund True North has agreed to acquire Religare Enterprises Ltd’s health insurance business in the country, the groups said in a joint statement on Sunday. (Compiled by Komal Khettry and Laharee Chatterjee in Bengaluru) </s> Fashion chain Jaeger has collapsed into administration, putting 700 high street jobs at risk.

The group's directors have appointed AlixPartners to oversee the process following failed attempts by the company's private equity owner, Better Capital, to sell the struggling business.

Jaeger - which employs around 680 staff across 46 stores, 63 concessions, its London head office and a logistics centre in Kings Lynn - had been on the market for around £30million.

However, no buyer materialised and last week Better Capital sold Jaeger's debt to a company understood to be controlled by the retail billionaire Philip Day, who heads up Edinburgh Woollen Mill.

A statement by AlixPartners explained that the request was made after Jaeger was 'unable to attract suitable offers despite a lengthy and well-publicised sales process.'

Insiders now expect most of Jaeger's stores to close down, although the brand is likely to survive as part of the Edinburgh Woollen Mill stable, which also includes Jane Norman, Peacocks and Austin Reed.

Joint administrator Peter Saville, of AlixPartners, said: 'Regrettably despite an extensive sales process it has not been possible to identify a purchaser for the business.

'Our focus now is in identifying an appropriate route forward and work with all stakeholders to do this. We will ensure that we communicate further as this process unfolds.'

Better Capital, which is headed up by private equity baron Jon Moulton, acquired Jaeger for £19.5million in 2012, but the firm has struggled under difficult conditions for high-street fashion retailers.

Last year the firm said that total annual sales fell from £84.2million to £78.4million, while it booked a pre-tax loss of £5.4million, according to accounts filed at Companies House. Jaeger was founded in 1884 by businessman Lewis Tomalin. </s> A 133-year-old staple of the British high street could disappear, as fashion chain Jaeger has collapsed into administration.

It leaves 700 retail jobs at risk, Alix Partners said.

Several days ago, the ‘luxury British fashion’ firm filed a notice of intent to grant administration with the High Court, handing the retailer 10 working days to bolster its financial position.

Edinburgh Woollen Mill had emerged as front-runner to buy the brand.

The retail group run by the billionaire Philip Day is slugging it out with a group of bidders also thought to include Mike Ashley’s Sports Direct and Jaeger’s former owner Harold Tillman.

Jaeger is valued at £30 million by Better Capital, which is headed up by private equity baron Jon Moulton.

Glen Tooke, consumer insight director at Kantar Worldpanel, said customers had become reluctant to pay full price for Jaeger clothes after a ‘constant stream of sales’.

He said: ‘Jaeger has struggled for years to truly understand its core clientele.

‘London Fashion Week collections and more fashion-forward designs may appeal to younger shoppers but with 45 to 54-year-olds accounting for a fifth of spend, Jaeger’s tendency to overlook them has critically damaged its brand.

‘Remarkably, discounting accounts for over three-quarters of Jaeger sales.

‘This constant stream of sales and offers has discouraged shoppers from paying full price and has lessened their trust in the quality of the Jaeger product – one of its fundamental selling points.’

Better Capital acquired Jaeger for £19.5 million in 2012 but the firm has felt the strain under the difficult conditions for high-street fashion retailers.

Last year the firm said total annual sales fell from £84.2 million to £78.4 million while it booked a pre-tax loss of £5.4 million, according to accounts filed at Companies House.

Better Capital has enlisted the services of AlixPartners to sound out potential buyers.

Jaeger, which has around 25 standalone stores, was founded in 1884 by businessman Lewis Tomalin. </s> Fashion chain Jaeger has gone into administration - jeopardising 700 high street jobs.

The British menswear and womenswear retailer has been in business since 1884 with more than 100 branches, including 46 stores, across the UK.

Its collapse into administration was announced on Monday by consultancy firm Alix Partners.

Jaeger had been on the market for around £30 million but failed to sell.

Insiders believe most of its stores will close down, but the Jaeger brand is likely to survive as part of the Edinburgh Woollen Mill stable, which also includes Jane Norman, Peacocks and Austin Reed. </s> (Adds HNA Airport Holding and Dynasty Financial Partners; Updates Ant Financial, Wal-Mart, Williams Partners and EagleClaw Midstream Ventures)

April 17 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Monday:

** China’s Ant Financial has sweetened its bid for MoneyGram International Inc by over a third, beating a rival offer to gain approval from the U.S. electronic payment firm’s board, although it still faces regulatory hurdles.

** Wal-Mart Stores Inc’s bid for clothing retailer Bonobos, which surfaced last week, is the latest step in the company’s attempt to recover lost ground against Amazon.com Inc and others in the rapidly growing online fashion world, analysts and retail consultants said.

** Apple Inc is considering teaming up with its supplier Foxconn to bid for Toshiba Corp’s semiconductor business, Japanese public broadcaster NHK reported on Friday - the latest twist in the sale of the world’s second-biggest flash memory chipmaker.

** Diversified healthcare company Abbott Laboratories on Friday agreed to buy Alere Inc at a lower price than it had previously offered, after raising concerns about the accuracy of various representations, warranties and covenants made by Alere in the earlier agreement.

** Chrysler Chief Executive Sergio Marchionne rowed back on his search for a merger on Friday, saying the car maker was not in a position to seek deals for now and would focus instead on following its business plan.

** U.S. video streaming service provider Netflix is in talks with Indonesia’s top telecom firm PT Telekomunikasi Indonesia Tbk (Telkom) to roll out its service in the country, a spokesman at the Indonesian company said.

** Williams Partners LP said it would sell its stake in a unit that owns 88.46 percent of an olefins plant in Louisiana to Nova Chemicals for $2.1 billion in cash, as part of the pipeline operator’s efforts to focus on natural gas.

** EagleClaw Midstream Ventures LLC, the largest privately held operator of pipelines and processing facilities in West Texas’ Delaware Basin, said it agreed to be bought by funds managed by Blackstone Group LP for about $2 billion.

** U.S. buyout firm Leonard Green & Partners LP has prevailed in an auction to acquire Charter NEX Films Inc, a U.S. manufacturer of specialty films for the food and medical industries, for $1.5 billion, including debt, people familiar with the matter said.

** China’s Anbang Insurance Group will let its agreement to acquire U.S. annuities and life insurer Fidelity & Guaranty Life for $1.6 billion lapse, after failing to secure all the necessary regulatory approvals, people familiar with the matter said on Sunday.

** German lighting company Osram is on the lookout for acquisitions worth up to 500 million euros ($530 million), although there are no specific plans for a deal as yet, its finance chief told a German newspaper.

** Malaysian property developer S P Setia Bhd said on Friday it will buy privately held rival I&P; Group for over 3.5 billion ringgit ($794.55 million) to create one of the country’s largest real estate firms.

** Taiwan’s Powertech Technology said on Friday it had bought two of Micron Technology’s interests in Japan in deals worth up to $132 million, part of its efforts to expand its presence in Japanese chip technology.

** Chinese stadium builder Lander Sports said late on Sunday it was terminating plans to buy a stake in English soccer club Southampton, citing uncertain factors wrought by changes in China’s securities market and policies.

** U.S. private equity group Carlyle Group has gained full control of Italian fashion brand TWINSET by buying the remaining 10 percent stake from founder Simona Barbieri, who will step down as the affordable luxury label’s creative director.

** HNA Airport Holding Group Co Ltd is close to buying out the stake that engineering conglomerate Odebrecht SA has in Brazil’s second-busiest international airport, a person briefed on the matter said, partly solving an impasse with a government agency over licensing rights.

** Dynasty Financial Partners LLC, which provides back-end support services to independent wealth management firms, said it had added Next Capital Management to its network of investment advisors. (Compiled by Ahmed Farhatha and Divya Grover in Bengaluru) </s> High street stalwart Debenhams says its new owners will inject 'significant' funding oDe

LONDON, United Kingdom – British department store chain Debenhams has been taken over by lenders after falling into administration, it said Tuesday, April 9 amid tough times in the retail sector.

High street stalwart Debenhams, whose history dates back to 1778, added in a statement that its new owners will inject "significant" funding of £200 million (232 million euros, $261 million) into the struggling business.

Debenhams, which has 165 stores across Britain and some 25,000 staff, appointed administrators FTI Consulting who swiftly sold it to a newly incorporated company controlled by its secured lenders.

Department stores are among a string of major UK retailers who have fallen victim to fierce online competition, rising business property taxes and stretched household budgets, all while Brexit uncertainty grinds on.

Debenhams had declined a last-gasp takeover bid from tycoon Mike Ashley, who owns sportswear retailer Sports Direct and had purchased collapsed department store chain House of Fraser last year.

"It is disappointing to reach a conclusion that will result in no value for our equity holders," said Debenhams chairman Terry Duddy.

"However, this transaction will allow Debenhams to continue trading as normal; access the funding we need; and proceed with executing our turnaround plans, whilst deleveraging the group's balance sheet.

"We remain focused on protecting as many stores and jobs as possible, consistent with establishing a sustainable store portfolio in line with our previous guidance.

"Our customers, colleagues, pension holders, suppliers and landlords can be reassured that Debenhams will now be able to move forward on a stable footing."

The so-called pre-packaged administration deal wipes out the stakes held by all shareholders including Ashley.

The deal also axes plans for an emergency shareholder meeting in which Ashley was to seek his appointment to the board and oust most other directors.

Long-established UK retailers are battling sliding consumer sentiment and Brexit uncertainty alongside the faltering economy.

They also face fierce competition from the likes of online US titan Amazon.

The last 18 months has seen the demise of clothing outlet Calvetron, music retailer HMV, the Toys 'R' Us toy chain, Maplin electronics stores and discount store Poundworld. – Rappler.com
The New Zealand Overseas Investment Office approves the sale of clothing company Icebreaker to U.S. retail conglomerate VF Corporation, revealing the sale price as NZ$288 million.