Women’s activewear brand Lorna Jane has canned plans to sell its chain in a deal reportedly worth about $500 million.
The retailer appointed Credit Suisse bankers to negotiate a deal back in May but today revealed after the six month process it would cancel sale plans in favour of building a global brand.
The company said it had fielded interest from more than 40 parties as it searched for a new equity partner.
But company CEO Bill Clarkson said if he and founder Lorna Jane Clarkson wanted to expand the brand, they’d have to retain control.
“Lorna and I were offered a lot of money to hand control to someone else, but we realised our vision of creating a global brand would never happen unless we were both in the driver’s seat, so the decision was simple after that,” Mr Clarkson said.
Private equity firm Champ Ventures, which holds a 40% stake in the exercise wear company, will be staying on.
A company spokesperson told Business Insider the company isn’t currently looking at an IPO as an option – something that was speculated earlier this year before the sale was flagged.
Business Insider Emails & Alerts
Site highlights each day to your inbox.