Business
Lesha Bank announces 'successful exit' from David Morris International
August 24, 2024 | 09:23 PM
Lesha Bank has "successfully concluded its exit” from David Morris International Limited, a premier international luxury jewellery brand, with a transaction that valued the business at £70mn.As a 50% shareholder, Lesha Bank realised exit proceeds of £35mn, representing a profitable return on investment and aligning seamlessly with Lesha Bank's strategic objectives of optimising its portfolio for greater efficiency and alignment with current investment strategies.David Morris International Limited was established in 1962 and is headquartered in the UK, with its flagship store located in New Bond Street, London.It operates additional stores in France and the UAE and maintains franchises in Qatar and Kuwait. The company is celebrated for its exquisite collections and elite clientele, including royalty and high-net-worth individuals from Europe, Asia, and the Middle East.In 2014, Lesha Bank acquired a 50% stake in David Morris International Limited and supported the company to grow its footprint. This strategic divestment supports the Bank’s ongoing efforts to reallocate resources towards ventures that reflect its evolving strategic direction.Mohamed Ismail al-Emadi, CEO, Lesha Bank, commented: "This successful exit not only highlights our commitment to achieving substantial returns but also our strategic foresight in managing and realigning our investment portfolio."The sale of our stake in David Morris International Limited, a noteworthy asset within our diverse portfolio, allows us to reinvest in new opportunities that promise higher alignment with our strategic goals."Suhaib al-Mabrouk, head, Private Equity & Corporate Banking at Lesha Bank, added: "David Morris International Limited has been a valuable part of our portfolio, representing a unique position in the luxury retail sector with considerable growth potential."Our successful exit is a testament to our disciplined investment approach and our focus on ensuring sustainable profitability and growth. We continue to explore new investment opportunities that will enable us to maintain and enhance our market presence and ensure continued value creation for our stakeholders."
August 24, 2024 | 09:23 PM