02:24:12 pm on March 15, 2007 |
Pretoria – A new luxury products group is in the offing through the planned merger of luxury car dealership Daytona Group and retail chain Arthur Kaplan Jewellers (AKJ).
Justin Divaris, the chief executive of Daytona, said AKJ was housed separately to the luxury car group, but they were looking at bringing the businesses together into a single luxury products group serving the same customer base.
“That is the two- to three-year plan. But we want to bed down more top-end retail brands with the ultimate aim of listing the group.”
AKJ, which was previously listed on the JSE, is managed by Divaris’s brother Dean and has 21 retail outlets.
The jewellery chain was acquired in 2001 for R42 million as part of a management buyout of the business from McCarthy Retail, which housed it in the now liquidated Retail Apparel Group (RAG).
RAG sold AKJ to Eyal Diamonds, in which FirstRand held a 46 percent stake and AKJ management a 54 percent stake. Protea Diamonds subsequently provided 25 percent of the financial backing, enabling Divaris to acquire FirstRand’s stake.Advertisements