Word: investcorp
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Profits at Tiffany jumped 34%, to a record $39 million in 1995, even as mass merchants such as Caldor and Jamesway were trooping into bankruptcy court and closing hundreds of stores. Gucci, the once-moribund designer and retailer of fashion apparel, has come roaring back under Bahrain-based Investcorp, which said just last week that it plans to sell its remaining 51% stake in Gucci to the public for some $1.1 billion this year. Investcorp will also sell shares in its resurgent Saks Fifth Avenue chain this year, six years after buying the once-flagging operation...
...INVESTCORP RESPONDS...
...INVESTCORP RESPONDS...
...INVESTCORP IS PROUD OF ITS HARD-earned reputation for business and financial success and, more important, for its unquestioned integrity. That is why we were shocked by the report "All That Glitters" [BUSINESS, Nov. 6], unfairly attacking us. Two examples: the article states that Investcorp stands accused of serious misconduct in a lawsuit involving the Circle K Corp., noting that the case received almost no public attention. In fact, the case was covered in the press and disclosed to investors in the Circle K prospectus filed with the Securities and Exchange Commission. TIME also alleges that the purchase of slow...
Gurwin's collaborator on the Investcorp story is himself a master at unraveling tangled business dealings. Zagorin, a 17-year TIME veteran, has reported from Wall Street, the Middle East, Brussels and Paris, where he served as European economic correspondent. Among his assignments was the very B.C.C.I. scandal that Gurwin originally helped unearth. "Our backgrounds made us natural partners," says Gurwin. "Even our writing styles meshed. I wrote the nouns and Adam wrote the verbs...