Advent ready to pay 1.5 billion euros for retailer Douglas
According to FT Deutschland, American Investment Fund Advent is ready to make a 1,5 billion euro offer to buy German retail group Douglas which operates over 2.ooo stores internationally, from beauty products to book shops, jewellery and chocolates. Advent is reported to have reached an agreement with the Oektker and Müller families, which control a majority stake in Douglas. Last year, Douglas Group reported a turnover of 3 billion euros, the company being listed on the Frankfurt Stock Exchange.
Ealier this year, Bernard Arnaud, owner of luxury giant LVMH, which owns retailer Sephora was reported to show formal interest in Douglas. This would have led to a worldwide monopoly to fragrances retailing.