UK-based global fashion retailer French Connection has extended the completion of its strategic review and formal sale process to September this year.
The strategic review covers the consideration of all types of corporate and brand transactions, including a formal sale process. The retailer revealed that it is in advanced talks with various interested parties about its plan.
In October last year, the company confirmed that it was reviewing all strategic options that could include a potential sale in order to deliver maximum value for its shareholders.
In a London Stock Exchange filing, the retailer said: “Discussions have progressed since then and are ongoing with a number of interested parties. As a result, the board has extended the period for completing the strategic review and formal sale process until the time of the interim results, which are expected to be published on or about 17 September 2019.
“Notwithstanding the extension of the strategic review and formal sale process, the board continues to believe that French Connection can deliver long-term growth and remains focused on building on the momentum achieved last year and driving the business forward.”
UK-based company Numis Securities, which is regulated by Financial Conduct Authority, is currently serving as the retailer’s financial adviser and broker, with Clifford Chance as legal adviser.
French Connection produces and sells fashion clothing for men and women, with operations in London, New York, Paris, Düsseldorf, Hong Kong, and Toronto.
The company currently operates retail stores and concessions, as well as e-commerce businesses in the UK, Europe, US and Canada. It also offers its products through other retailers in more than 50 countries globally.