M&S’s Vandevelde to launch equity fund
Reuters – 15 December 2002
Luc Vandevelde, chairman of leading British clothes retailer Marks & Spencer Plc, is to launch a private equity fund when he moves to a part-time role at M&S on January 1, the company said on Sunday.
But a spokeswoman for M&S declined to comment on a report the retailer has experienced sluggish pre-Christmas sales in womenswear and menswear.
The Sunday Telegraph said Vandevelde is to launch a 300 million pound ($477 million) European private equity fund, backed by the Halley family, founders of the Promodes <CARR.PA> retail group. The newspaper said 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 conflict with his role as chairman,” the company said in a brief statement.
It said 60 percent of Vandevelde’s time will be dedicated to M&S’s sales recovery is being threatened by poor pro-Christmas sales across key lines such as womenswear and menswear. The report said sourced with access to the retailer’s internal sales data said sales were worse than expected, leaving too much stock.
“We cannot make any comment on trading figures until our trading statement in January,” a spokeswoman said.
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