The value clothing retailer was sold for an undisclosed sum, estimated at around 300 to 350 million euros according to media reports. Goldman Sachs advised on the deal. TDR has over 8 billion euros of committed capital and is also based in London.
NKD’s Bindlach headquarters will see a number of new jobs created over the coming years, and the brand will open 100 new stores in Germany alone. Additionally, there are plans to expand the company’s logistics capabilities. The efforts will be aimed at further establishing NKD in the affordable fashion market. Ulrich Hanfeld will remain as CEO and work together with TDR Capital to manage the firm’s growth strategies. This will include driving growth across existing stores and online channels, opening new locations in countries including Italy, and expanding into new markets, Hanfeld said.
OpCapita acquired NKD in 2013. Under its ownership, the brand led a successful turnaround, going from a loss-making business to one with an Ebitda profit of 45 million euros in 2018. The improvement was achieved by reviewing the company’s store portfolio, supply chain and pricing strategies. Currently, 97% of the company’s stores are profitable, the brand said. It has been expanding its retail presence over the last year, and sales continued to increase in 2018.