Oasis chain receives takeover approach in UK

Some of the UK’s best-known fashion brands could be returned to private ownership after details of a £400m (€568m) takeover move emerged today.

The portfolio of Mosaic Fashions includes Karen Millen and Oasis, while last year’s acquisition of Rubicon added Warehouse and Principles to create a business with around 1,700 stores in 27 countries.

Icelandic retail investment group Baugur owns more than a third of the enlarged business, but is now interested in buying the rest.

The delisting from the Iceland stock exchange will enable the group to complete the integration of Mosaic and Rubicon away from the attention of investors and analysts. Recent trading by the business has been mixed, with disappointing sales at Oasis and Whistles offset by encouraging performances at Warehouse, Principles and Coast.

Overall, sales growth of 5% for the financial year to the end of January 2006 failed to prevent a 13% fall in underlying earnings to £92.5m (€136m).

Mosaic, which was listed on the stock market by Baugur in 2005, confirmed in a statement that it had received an indicative offer from its previous owner.

It said: “The process remains at an early stage and there can be no certainty as to whether any formal offer will be forthcoming or the terms of any such offer, if made.”