The family owner of Bogner, the maker of winter jackets and skiwear, has canceled plans to sell the company. As reported, Bogner last year hired Goldman Sachs to seek a buyer.
According to Reuters, Willy Bogner, the son of the founder, decided not to sell his fashion group after the bids came in lower than expected. A consortium of Asian investor Fosun and former Coty head Bernd Beetz had been the only remaining bidder for the German fashion group after Permira dropped out of the race, according to Reuters.
The Reuters report indicated that prospective buyers were concerned about the company's declining earnings, which were partly due to challenges in Russia.
The Reuters article is here.
