December 8, 2017 by Chris Kilkus
DVF Looks to Sell Equity Stake in Her Business
Diane von Furstenberg is eyeing the sale of a stake in her fashion company.
Speculation grew Thursday that DVF was looking to sell all or part of the contemporary sportswear company and close underperforming stores.
But von Furstenberg told WWD: “I’m not selling the business, but the time has come for me to bring in management that the company deserves. I have decided that we probably will sell an equity stake,” she said.
Von Furstenberg said she plans to hire Michel Dyens & Co., a leading independent investment banking firm, headquartered in New York and Paris, which is focused on mergers and acquisitions. Dyens has extensive experience leading transactions in luxury goods, beauty, spirits and other premium branded consumer goods. In fact, Dyens worked with DVF some 35 years ago when she sold her cosmetics company to British pharmaceutical giant Beecham Group Ltd. in 1983.
In recent years, the DVF brand has been challenged, as legacy contemporary brands have faced difficulties in department stores.
DVF has been without a chief executive officer since November 2016, when Paolo Riva parted ways with the company, and at the time von Furstenberg said her family would be getting more involved.
“My goal in the next phase of my life