Singaporean footwear and accessories brand, Charles & Keith, is eyeing the sale of a 20 per cent stake, a source has told Bloomberg.
The retailer is reported to be working closely with a financial adviser on the deal, which if happens would value the chain at US$2 billion. The source also said the sale is under consideration and Charles & Keith may not proceed with the sale.
The chain was founded by Charles and Keith Wong in 1996. In 2011, the Wong brothers sold a 20 per cent stake to LVMH’s private equity arm, L Captial Asia, for more than US$30 million. The chain has expanded across more than 30 countries with approximately 700 stores.
Since the beginning of this year, Charles & Keith has been rolling out initiatives to attract younger consumers, including appointing South Korean star Krystal Jung as its first global brand ambassador and becoming the first Singaporean fashion label to launch cryptocurrency as a payment mode on its e-commerce site.
The brand also introduced a series of new concept stores with minimal design across Asia and recently collaborated with Spanish artist Coco Captian for a collection.