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Change Capital to sell Jil Sander to Japanese apparel company Onward, GIBO01/09/2008. Source: AltAssets. 
 European retail and consumer sector-focused mid-market private equity firm Change Capital Partners has agreed to sell Fashion business Jil Sander to Tokyo-listed apparel group Onward Holdings Co. and its European subsidiary GIBO' Co. for an equity value of €167m.
Change Capital acquired the business in April 2006 and turned it around from a negative €12.9m operating EBITDA in 2005 to positive €6.1m in 2007, according to Change Capital.
Stephan Lobmeyr, a managing director of Change Capital, said, 'When we acquired Jil Sander from Prada, we saw a tremendous opportunity to re-establish the profitability of this iconic brand. Under our ownership Jil Sander has now achieved a successful turnaround and we have laid the foundations for significant growth in the coming years.'
Jil Sander, established in 1975, designs, produces and distributes luxury women's and men's ready-to-wear, accessories, footwear and fragrances.
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