Lorna Jane Has Canned Its Sell Off Plans And Will Now Got It Alone With Global Expansion Plans

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.

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.