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Asprey & Garrard
Asprey & Garrard has raised £55m from the sale and leaseback of its Bond Street store in London, in order to fund the international expansion of its luxury goods business.
Asprey & Garrard has secured an undisclosed equity investment from Morgan Stanley to fund the international expansion of its jewellery retailing business.
Asprey & Garrard is to invest £137m in the international expansion of its luxury goods retailing business over the next five years, opening 10-15 Asprey stores and two Garrard stores.
Asprey & Garrard is planning to open 20 new Asprey stores over the next five years, and the flagship stores in London and New York will be refurbished at a cost of £39m.
Asprey & Garrard, the upmarket jeweller, has been acquired by the co-chairmen of US fashion group Tommy Hilfiger for undisclosed terms, and they plan to open more stores.
Asprey & Garrard has sold the Mappin & Webb and Watches of Switzerland chains to a management team for undisclosed terms, as part of a strategy to dispose of non-core businesses.
Asprey Group has sold Hamilton & Inches, the Scottish jeweller, to management.
Asprey is to merge with Garrard to create a single luxury jewellery brand called Asprey & Garrard, while other parts of the Asprey retailing business will be sold off to raise up to £100m.