KKR snaps up French fashion brands

BUYOUT group KKR has bought a majority stake in French fashion group SMCP, which owns the Sandro, Maje and Claudie Pierlot brands. The deal – for 65 per cent of the group – is believed to be valued at around £557m, and will see the founders keep a 35 per cent stake. L Capital, the private equity firm controlled by LVMH chairman Bernard Arnault, formerly owned 51 per cent of SMCP.