The off-price shopping club Best Secret from Aschheim near Munich will soon be for sale. This is reported by various media outlets, citing financial circles. Best Secret, formerly Schustermann & Borenstein (S&B), was taken over by the financial investor Permira in 2016. Permira had already made efforts to sell the online fashion retailer two years ago, but put the plans on hold due to the difficult situation on the capital market.
Now the general conditions seem to be better suited: the company has been able to continuously increase its sales in recent years. According to preliminary figures, sales of 1.2 billion euros were generated in 2023. The adjusted operating result (Ebitda) grew by more than a third to around 184 to 189 million euros. This corresponds to a profit margin before interest, taxes, depreciation and amortization of around 15 percent. Permira expects a company valuation of around four billion euros, it is said. Potential interested parties should receive the first information packages in the coming weeks.
To push the deal forward, Permira has brought a trio of banks on board: Deutsche Bank, JPMorgan Chase and Goldman Sachs. All options are being examined; in addition to selling to financial investors, an IPO is also conceivable.
Best Secret sells luxury brand clothing at discounted prices. In order to be able to shop in the online shop as a consumer, you must first become a member. The company also operates four branches, two in Munich and one each in Vienna and Dresden.
Permira acquired S&B from the financial investor Ardian for 730 million euros. Sales at that time were 400 million euros.