M&S boss shops value with new refund
The Express – 16 December 2002
Amanda Richards
RETAILERMarks & Spencer yesterday insisted chairman Luc Vandevelde's position would not be compromised by his decision to embark on a new GBP 300million business venture.
Vandevelde, credited with reviving the fortunes of M&S, is to launch a European private-equity fund next month when his chairmanship becomes part-time.
The fund, Change Capital Partners, is backed by the Halley family, founders of French retail group Promodes which merged with Carrefour in 1999. It will invest in consumer goods businesses across Europe, including retailers.
M&S confirmed: "The board is aware of Luc Vandevelde's plans and has taken steps to satisfy itself that the activity he is undertaking is not in conflict with his role as chairman of Marks & Spencer."
Vandevelde will dedicate 60 per cent of his working time to M&S and the remainder to the fund, which will seek to attract capital from other investors.
He has been with M&S for more than two years, during which he has overhauled the High Street chain. He stepped down as its chief executive in September.
Vandevelde is believed to have wanted to move into private equity for some time and his new role could place him in competition with retail entrepreneur Philip Green, famous for spotting undervalued retailers. Green recently bought Arcadia and also owns Bhs.
Vandevelde is no stranger to the Halley family - one of the richest dynasties in France - having been chief operating officer of its Promodes group in the Nineties.
|
