L Catterton puts John Hardy on the block: Sources – WWD
L Catterton is set to say goodbye to John Hardy and has tapped Evercore to explore a sale of the business, sources say.
The private equity giant, which bills itself as the world’s largest consumer-focused fund with investments ranging from Birkenstock to Rihanna’s Savage x Fenty, is seeking around $200 million for the luxury jeweler, which he has owned it for eight years.
L Catterton declined to comment and a representative for Evercore could not immediately be reached.
The investor bought John Hardy from 3i Group and installed former American Eagle Outfitters CEO Robert Hanson as CEO.
Hanson focused on growing the brand’s direct-to-consumer retail and e-commerce businesses and strengthening global operations. He passed the CEO reins to Kareem Gahed in 2019.
The sale process, which was first reported by Bloomberg, has reportedly attracted interest from strategic buyers and other private equity firms.
Jewelry has become a closely watched category in transactions, especially since the pandemic has led to increased spending in the category. It is a category that LVMH Moët Hennessy Louis Vuitton, which holds a stake in L Catterton, has also grown, notably through its acquisition of Tiffany & Co.
John Hardy was founded by Canadian designer John Hardy in 1975, after visiting Bali and starting a collaboration with artisans on the island.
The potential sale is just one of many moving parts for L Catterton, who is also reportedly weighing an IPO while Rihanna is weighing a similar move for Fenty x Savage.
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