In August, it was rumoured Change Capital Partners founded by Luc Vandevelde, the former chairman of Marks & Spencers, wanted to sell Jil Sander. Onward Holding isn't new to the European fashion market. It also owns Italian production company Gibo, which will look after Jil Sander. Gibo has a strong position at the top end of the fashion market and also has licensee agreements with Marc Jacobs, John Galliano, Paul Smith, Michael Kors, Roberto Cavalli en Chloé.
Perhaps this buy will lead to more stability in the business history of Jil Sander. The company known for its minimalistic style, was founded by designer Jil Sander in 1975 and took over by Prada in 1999. Shortly thereafter, Sander left the company following disagreements with Prada's CEO Patrizio Bertelli. In 2003, Sander returned and left a year later for the second time. In 2005 Belgium designer Raf Simons was appointed as the Creative Director of the company. In February 2006, Jil Sander was bought from Prada by London based Change Capital Partners.
According to Chief Executive Gian Giacomo Ferraris, Jil Sander has been in "quarantine" to develop the company into a strong and stable business. In a short period of time Jil Sander went from losses from EUR 12,9 million in 2005 to EUR 6,1 million profit in 2005, and a revenue of EUR 130 million two years later.
Image: Jil Sander