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Article: FRENCH CONNECTION PLANS TO BUY $33 MILLION STAKE IN ITS U.S. UNIT.(French Connection PLC to buy the 50% stake in its US operations owned by Best of All Clothing Ltd.)(Brief Article)(Statistical Data Included)
- Article from:
- WWD
- Article date:
- February 21, 2001
- Author:
CopyrightCOPYRIGHT 2001 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LONDON -- French Connection PLC is taking control of its American destiny.
The hot British brand Tuesday announced plans to acquire the 50 percent of its U.S. business it does not already own for $33 million. The stake is being bought from Best of All Clothing Ltd., which has been French Connection's American partner for more than 20 years. BoAC is owned and headed by Michael Axelrod.
"Michael decided that since it is our strategy to increasingly have the brand look the same around the world that his role was diminishing slightly," Stephen Marks, French Connection's founder, chairman and chief executive, said in a telephone interview. "He felt that if ...