HAGEN and FRANKFURT, 27 October 2014 – Al Beauty SCA, a company controlled indirectly by the Kreke family and Advent International, today announced the signing of an agreement to sell CHRIST jewellery stores to 3i, the international investment manager. CHRIST ranks among Germany’s leading jewellery and watch retailers with a nationwide market presence and strong brand recognition. The transaction is subject to approval by the regulatory authorities.

Having operated in Germany for over 150 years, CHRIST has become a market leader for jewellery and watches in the mid-to-upper price segment. In addition to its extensive selection of high-quality jewellery and watches from brand partners, CHRIST has successfully introduced exclusive brands and private labels to its product range. As a result, CHRIST appeals to a diverse customer base and is considered one of the preferred partners for prestigious jewellery manufacturers and watchmakers. As part of its growth strategy, CHRIST has systematically increased the number of specialised stores and successfully combined its in-store expertise with its E-Commerce offering. CHRIST now operates 220 stores in popular high street locations and shopping centres, as well as flagship stores at airports and in exclusive department stores such as KaDeWe in Berlin. Under the joint ownership of the Kreke family and Advent International CHRIST expanded into Austria by opening its first jewellery store in Vienna in 2013.

Under the new ownership of 3i, who has extensive experience in the retail and jewellery segments, CHRIST will continue to expand its store network and accelerate the extension of the fast-growing E-Commerce offering. In addition, CHRIST will expand into attractive foreign markets.

Dr Bernd Schröder, CEO of CHRIST, said: “CHRIST has accelerated its profitable growth in recent years. On behalf of CHRIST, I would like to express my appreciation for the support and trust of our partners, above all the Kreke family and Advent International. We are looking forward to further growing the presence of our strong brand and continuing our successful growth path with our new owner. We will particularly focus on expanding and integrating our in-store retail expertise with the E-Commerce offering, whilst further driving international expansion.”

Dr Henning Kreke, a representative of the Kreke family, said: “CHRIST combines tradition and innovation in an exemplary fashion, and represents a recent success story in the German retail sector. Through strong customer orientation and the dynamic development of sales formats and product ranges, CHRIST has consistently expanded its market position and continually increased sales and earnings over the last few years. We believe that CHRIST will continue to achieve excellent growth under new ownership. We are delighted that 3i will support the company in the continuation of its expansion strategy. My family and I will remain committed to CHRIST and seek to continue supporting and accompanying the company in the future.”