Advent sells Christ jewellery to 3i

Buyout group Advent has sold a unit of its German books-to-cosmetics retailer Douglas to rival private equity firm 3i, making headway in a revamp ahead of a planned exit from the investment. Advent and the Kreke family, which owns 20 per cent of the group, sold Christ jewellery stores, whose products are modelled by Claudia Schiffer, to 3i, the buyout groups said.