Gary Perlstein attempts to buy City Chic
Manoeuvres around the Specialty Fashion Group are continuing. According to The Australian, the outgoing CEO - Gary Perlstein - is attempting to buy out the most successful brand (City Chic), with backing from Ian Miller and Geoff Levy. We wonder whether the board would ever endorse this, because that would leave the rest of the business stripped of its valuable unit. In our view Gary Perlstein’s consortium would have to pay more than the current valuation of the entire business in order to have a chance of getting its bid approved.