The boss of Dubai-based retailer Landmark Group Mahesh Jagtiani is eyeing young fashion chain New Look, but says the £2 billion price tag is too high.
Jagtiani told Drapers he expected a deal to be sewn up within a month. "I work very fast, but then it is not in my control - it is down to the venture capitalists," he said. "But £2bn is too high. I'm looking at New Look because it has a global vision and there are few businesses in the English market like that."
Jagtiani holds a 3% stake in privately owned New Look. Landmark struck a regional franchise deal with New Look last month to open 40 Middle East stores in the next five years.
Despite Jagtiani's bullish comments, it is understood that Landmark has not yet made a formal offer for New Look. As Drapers went to press, New Look and private equity owners Apax and Permira were weighing up the pros and cons of a stock market flotation or a secondary buyout.