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Business News

Georg Jensen bought by Investcorp


The Middle East investment house that previously owned and floated Gucci, Saks Fifth Avenue and Tiffany & Co is turning its hand to a Danish upmarket jeweller.

Investcorp, based in Bahrain, has paid $140m (£87m) for Georg Jensen and plans to expand it globally from the US to Asia, from 100 stores now.

It has drafted in the luxury goods expert David Chu, the founder of Nautica, who will become chief creative officer, and Guy Leymarie, the former chief executive of jewellers DeBeers and Cartier.

Ulrik Garde Due, who joined Georg Jensen five years ago as chief executive, having previously worked at LVMH and Burberry, will stay on in that role. He said: "The bling bling era is fading so there is a growing understanding of our simplicity of design."

The brand, founded in 1904, was sold by the private equity group Axcel Capital Partners.