The company, which controls the London-based fashion fair, has reached a conditional deal with ITE Group, who already organizes Scoop, Jacket Required and Moda fairs’ in the UK.
The fair sector concentrates in the UK. Ascential, the group behind Pure London, has reached an interim agreement to sell the fashion show to ITE Group, one of the largest show organizers in the country. The transaction will be worth 300 million pounds (340.4 million euros) on a cash and debt-free basis, according to FashionNetwork UK.
Once the sale is closed, ITE Group would become the leading B2B event operator in the UK. The company, which has a wide portfolio of events in various sectors, also organizes British fashion shows Scoop, Jacket Required and Fashion.
Ascential, controlled by the Apax fund and Guardian Media Group, was aiming to sell Pure London since last February, as it focuses its efforts on digital businesses, including the global trend forecasting agency Wgsn. In its latest financial report, the group revealed that Pure London generated revenues of 9.1 million pounds (10.3 million euros) in 2017, 3% less than the previous year. The fair received more than 18,000 visitors and attracted over 1,000 exhibitors in its two editions last year.
The British trade show, which finished its last edition with more than 10,000 visitors and exceeding 700 exhibitors, launched a new area, Pure Origin, dedicated to production and clothing manufacturing, with more than sixty companies.