Doha: Lesha Bank LLC (Public) announced that it has successfully concluded its exit from David Morris International Limited, a premier international luxury jewelry brand, with a transaction that valued the business at GBP 70 million.
As a 50% shareholder, Lesha Bank realized exit proceeds of GBP 35 million, representing a profitable return on investment and aligning seamlessly with Lesha Bank’s strategic objectives of optimizing its portfolio for greater efficiency and alignment with current investment strategies.
CEO of Lesha Bank Mohamed Ismail Al Emadi commented, “This successful exit not only highlights our commitment to achieving substantial returns but also our strategic foresight in managing and realigning our investment portfolio. The sale of our stake in David Morris International Limited, a noteworthy asset within our diverse portfolio, allows us to reinvest in new opportunities that promise higher alignment with our strategic goals.” Head of Private Equity and Corporate Banking at Lesha Bank, S
uhaib AlMabrouk, added, “David Morris International Limited has been a valuable part of our portfolio, representing a unique position in the luxury retail sector with considerable growth potential.” “Our successful exit is a testament to our disciplined investment approach and our focus on ensuring sustainable profitability and growth. We continue to explore new investment opportunities that will enable us to maintain and enhance our market presence and ensure continued value creation for our stakeholders,” he noted.
David Morris International Limited was established in 1962 and is headquartered in the UK, with its flagship store located in New Bond Street, London.
In 2014, Lesha Bank acquired a 50% stake in David Morris International Limited and supported the company to grow its footprint. This strategic divestment supports the Banks ongoing efforts to reallocate resources towards ventures that reflect its evolving strategic direction.
Source: Qatar News Agency