Proventus takes over J. Lindeberg

Investment firm Proventus has become the new principal owner in clothing company J. Lindeberg following a new share issue worth 70 million Swedish kronor.

Stefan Engström will also be a major shareholder and becomes the company’s new CEO. A new board will be formed including Greger Ericsson as a representative for the previous principal owners, and the film director Johan Renck.

J. Lindeberg, which was founded in 1996, has annual revenues of around 370m kronor. However, in a statement Proventus said that the company has suffered from “weak profitability, a non-optimal group structure and internal turbulence” in the past few years.

Under the new ownership, the distribution company for Great Britain, Germany and Italy will become a wholly-owned subsidiary. Founder Johan Lindeberg will remain on the board and will take a new role as independent Creative Director based in New York.