U.K. Jeweler Asprey & Garrard Sold to Hilfiger Co-Chairmen

July 7, 2000

U.K. Jeweler Asprey & Garrard Sold to Hilfiger Co-Chairmen

The co-chairmen of U.S. fashion group Tommy Hilfiger on Wednesday purchased Asprey & Garrard, the exclusive U.K. jeweler which has been under Brunei royal ownership for the past five years, for an undisclosed sum.

The investors, Lawrence Stroll and Silas Chou, are excited to have acquired the prestigious company. "We intend to hold this forever," Stroll said in an interview. "Forever means I intend to pass it to my children, Silas the same." Stroll and Chou have not disclosed what they plan to do with the upscale jeweler, but Stroll said his goal was "first and foremost to return a bit of luster" to the Asprey & Garrard name.

The new board for Asprey & Garrard will include former chairman of English Heritage Jocelyn Stevens, Nicholas Soames and Hong Kong businessman David Tang, Reuters reports. Asprey's CEO Robert Procop told reporters he and his staff are excited by the new ownership and prospects for the future of the company.

The acquisition comes just two months after the state-owned Brunei Investment Agency took control of the jeweler from Prince Jefri Bolkiah, the Sultan of Brunei's brother, in an out-of-court settlement for alleged misuse of funds.

- by Julia M. Duncan