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Spain’s Tous Is Said to Explore Sale With Morgan Stanley

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Tous Store
Joyeria Tous SA designs, manufactures and sells jewelry, handbags, watches and perfume. Photographer: Konrad Fiedler/Bloomberg

Aug. 28 (Bloomberg) -- Joyeria Tous SA, a Spanish jewelery designer, is working with Morgan Stanley to explore strategic options including the sale of a minority stake, according to people familiar with the matter.

Tous, which is known for its teddy bear-shaped logo and has counted Jennifer Lopez and Kylie Minogue among its spokeswomen, could seek an initial public offering or sell a minority stake to a private-equity firm, the people said, asking not to be identified because the deliberations are private.

The sale process, which may start as early as this year, may attract interest from private-equity firms including L Capital, Permira Advisers LLP, CVC Capital Partners Ltd. and PAI Partners SAS, the people said.

Representatives for Manresa, Spain-based Tous, and for Morgan Stanley, Permira, CVC, PAI and L Capital declined to comment.

Tous designs, manufactures and sells jewelry, handbags, watches and perfume. Sales from Tous stores were 338 million euros ($446 million) in 2013, a company spokeswoman said, adding that the figures are still preliminary. Founded in 1920, Tous has more than 400 shops in cities across the world including New York, Hong Kong, Tokyo, Madrid and Paris.

To contact the reporters on this story: Manuel Baigorri in London at; Kiel Porter in London at

To contact the editors responsible for this story: Aaron Kirchfeld at Elizabeth Fournier, Celeste Perri

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