Jack Gee, Mail on Sunday
1 January 2006 CAMAIEU, France's answer to H&M, Zara and Etam, is working on plans to launch in Britain.
But thanks to a takeover tussle between French financial group Axa and two London-based investment funds, the fashion chain could fall under British control.
Under an eye-catching red and violet logo, it sells its own-name brand of clothing and accessories through 400 stores and franchised boutiques from Marseilles to Moscow.
The group has outstripped European competitors and is about to report a 25% rise in profits.
But Camaieu's biggest shareholder, Axa, which has a 39% stake, is under attack.
London-based investment fund Castlerigg put in a takeover offer last month, followed swiftly by an approach from Goldman Sachs veterans Emmanuel Boussard and Emmanuel Gavaudan, who also hatch their funds' strategies from London.
The prospect of another retailer targeting UK shoppers comes after a difficult year for retailers, culminating in a fraught Christmas sales period.
Fears that shoppers could trim their spending prompted most High Street stores to slash prices in the fortnight before Christmas.
The success of this strategy will be gauged in coming weeks with retail trading statements. While conditions on the High Street remained tough, reports suggest stores enjoyed stronger sales last week.
But what will matter to the City is whether any last-minute boost to sales was achieved by severe price cuts, which could have eroded profit margins.
The exception to the gloom has been Marks & Spencer. Shares have soared to 505p, a gain of 42% since September. But M&S sales have suffered such a slump in recent years that analysts argue that any improvement is likely to appear dramatic.
