Hong Kong-based private equity firm LionRock Capital has confirmed the completion of its “partnership” with footwear group Clarks, announced towards the end of 2020. LionRock Capital will acquire a majority stake in the business for an investment of £100 million.
It announced that Víctor Herrero has taken over as chief executive of Clarks, replacing Giorgio Presca. Mr Herrero was formerly chief executive of Guess and, before that, held several senior roles at Inditex, including the position of head of Asia Pacific and managing director for China.
LionRock managing director, Daniel Tseung, said: “We are extremely pleased to formalise our partnership with Clarks. Clarks is one of the world’s most recognised consumer names and we look forward to working with the Clark family and Clarks’ leadership team to build on its tradition of providing customers around the world with top-quality products and exceptional service.”
Since LionRock’s initial announcement in November, former Olympic gymnast and entrepreneur Li Ning has acquired a 51% stake in LionRock and is now its non-executive chairman. Mr Li’s own-name sports brand achieved revenues of $2.1 billion in 2019 and currently has a network of nearly 7,000 stores across China.
On the completion of LionRock’s acquisition of a majority stake in Clarks, Li Ning said: “I am thrilled that LionRock Capital is partnering with one of the UK’s most iconic brands during this momentous new phase for the business. We look forward to leveraging our network and experience to support Clarks through the next phase of development.”