UK. Morgan Stanley Capital Partners, the private equity arm of Morgan Stanley, has bought a 20% stake in A&G Group, according to news reports. Terms were not disclosed.
London based A&G is parent of Garrard jewellers and luxury goods retailer Asprey, which has embarked on a global expansion programme for the travel retail channel led by the former Bvlgari travel retail managing director Paul Cadman. Asprey is beginning an international roll-out of new Asian locations including Japan, with key European cities. “We are looking into the travel retail channel. We are planning an advanced strategy, prestige travel retail operation in the best locations, with the best partners,” A&G CEO Gianluca Brozzetti told The Moodie Report in an exclusive interview last October.
Asprey opened a 20,000sq ft (1,859 sq m) flagship store on New York’s Fifth Avenue last month, with others to come in Tokyo and London this year. The company has said it will introduce 15 new product ranges to its New Bond Street, London flagship when it reopens in May. There will be a ready-to-wear fashion offer consisting of coats, jumpers, hats, shoes, accessories, sunglasses and a new watch and handbag offer.
The new ranges are the brainchild of Asprey’s three creative directors: Hussein Chalayan (fashion), Alessandra Gradi (jewellery) and Thierry Debaschmakoff (leather and accessories) all appointed in 2001. Architect Sir Norman Foster and interior designer David Mlinaric are behind the 20,000 sq ft (1,859 sq m) London store makeover.
A&G’s largest shareholders are Lawrence Stroll and Silas Chou -co-chairmen of the Tommy Hilfiger fashion group – who bought A&G from Prince Jefri Bolkiah of Brunei in 2000. Edgar Bronfman Jr acquired a minority stake in A&G in 2002 via SBS Partners.
