Loewe announced yesterday it has received a specific written offer to invest in its business. The as yet unnamed bidder has confirmed its commitment to a long-term investment to support Loewe’s strategic realignment.
“This means we have reached a crucial milestone that will put Loewe firmly back on track for success and underscores the attractiveness of the premium Loewe brand and the company as a whole,” said Matthias Harsch, Loeweʼs Executive Board Chairman.
The process of assessing the offer has already begun. The next stage will see the Executive Board entering into negotiations with the interested parties to finalise the details of the purchase agreement. It is also possible that further potential investors may present specific offers.
“It is now up to us to select the best financial partner for Loewe,” said Rolf Rickmeyer, Loewe’s Chief Financial Officer.
The entry of an investor is the latest building block in the strategic realignment of Loewe. In respect of the operating business, the company made some key directional decisions in July when it entered into a far-reaching strategic partnership with the Chinese company Hisense. The first concrete projects have already been launched, such as the development of a joint electronics platform for markets in Europe.
Matthias Harsch declared: “In conjunction with the new financial investor, the co-operation with Hisense constitutes a crucial building block in the process that will see the company transformed from a TV equipment manufacturer into the leading premium provider of smart home entertainment solutions.”
