Vandevelde to launch £300m buyout fund
The Independent – 16 December 2002
Nigel Cope
LUC VANDEVELDE, the Marks & Spencer chairman, is to launch a private equity fund when he moves to a part-time role at the high street giant in the New Year:
M&S confirmed Mr Vandevelde will lead the £300m fund but declined to comment on weekend reports that it has experienced sluggish pre-Christmas sales in womenswear and menswear.
Mr Vandevelde is to head a new European private equity fund, backed by the Halley family, the founders of the Promodes French retail group. The venture will be based in Britain but will look to buy businesses across Europe in a number of sectors, including retail.
M&S said it will be unconnected to the fund. "The board is aware of his plans and has taken steps to satisfy itself that the activity Luc is undertaking is not in comet with his role as chairman," the company said.
It said 60 per cent of Mr Vandevelde's time will be dedicated to M&S. The retailer announced in July that Mr Vandevelde would give up his role as chief executive and become part-time chairman.
Separately, weekend reports said M&S's sales recovery is being threatened by poor pre-Christmas Sales across key lines such as womenswear and menswear. The company has also been offering selective discounts on childrenswear.
'We cannot make any comment on trading figures until our trading statement in January" a spokeswoman said.
Other retailers admitted over the weekend that Christmas trading was not as strong as last year but said it was too early to panic.
“Christmas is going to be alright, but nothing to write home about,” said one yesterday. "There is an extra day next week [because of the way Christmas Day falls this year]
which will be a big day for everybody."
- Next is still being singled out as a struggler with with one retail executive saying 'they appear to have lost a bit of edge."
Retail sales in November were hit by the warm, wet weather which was particularly damaging for clothing retailers. The recent cold snap has helped but may have come too late for some stores groups that have stocked up aggressively for the festive season.
Figures last week from John Lewis Partnership showed a 3 per cent increase in department store sales in the week it 7 December,
One retailer said yesterday "It's tough out there but it depends how cautious people halve been on their stocks.
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