The UK women’s and men’s fashion retail chain New Look has announced an agreement with South African investment firm Brait to sell a 90% stake of the company for a total of €1,078,467,000. The remaining 10% of the firm will be acquired by the family of New Look’s founder, Tom Singh, and its management. Including debt, the deal values New Look at £1.9 billion.

The transaction is expected to be completed next month. New Look’s CEO, Anders Kristiansen, CFO Mike Iddon and Chief Commercial Officer Roger Wightman will remain on the company board within the fashion chain after the transaction is completed.

New Look was founded in 1969 and offers a full fashion range including apparel, footwear and accessories. The group has more than 800 stores in 21 countries around the world, of which nearly 600 are located in the UK.