{"id":67875,"date":"2023-10-13T17:07:20","date_gmt":"2023-10-13T17:07:20","guid":{"rendered":"https:\/\/newcelebworld.com\/?p=67875"},"modified":"2023-10-13T17:07:20","modified_gmt":"2023-10-13T17:07:20","slug":"high-street-fashion-chain-with-180-stores-across-the-uk-sold-to-next-the-sun","status":"publish","type":"post","link":"https:\/\/newcelebworld.com\/lifestyle\/high-street-fashion-chain-with-180-stores-across-the-uk-sold-to-next-the-sun\/","title":{"rendered":"High street fashion chain with 180 stores across the UK sold to Next | The Sun"},"content":{"rendered":"

A HIGH street fashion chain with 180 stores across the UK has been sold to Next.<\/p>\n

FatFace, the leading British lifestyle retailer, has been acquired by Next for the value of \u00a3115.2million.<\/p>\n

<\/p>\n

It comes after FatFace's owners were reported to have appointed Rothschild to advise on strategic options in May last year.<\/p>\n

The company which operates online and out of 180 stores across the UK enjoyed strong sales growth during its last financial year.<\/p>\n

FatFace stores will continue to operate as a separate entity but shoppers can still buy the brand's clothing on the\u00a0Next\u00a0website.<\/p>\n

FatFace was founded by Tim Slade in 1988 selling T-shirts at the\u00a0French ski resort M\u00e9ribel\u00a0and opened its first\u00a0retail\u00a0store in\u00a0London\u00a0in 1993.\u00a0<\/p>\n

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In 2007, FatFace was acquired, for \u00a3360 million, by private equity group Bridgepoint Capital.<\/p>\n

But in 2020, Fat Face's lenders,\u00a0Lloyds Banking Group\u00a0and Goldman Sachs, took over the\u00a0business\u00a0from Bridgepoint and reduced its debts reducing debts by \u00a3146.8 million to \u00a325.6 million.<\/p>\n

FatFace's profits tripled as the retailer continued its investment into expanding its store estate and strengthening third-party partnerships.<\/p>\n

Profits for\u00a0the fashion retailer\u00a0skyrocketed 198% to \u00a317.3 million, up from \u00a35.8 million, in the 52 weeks to 27 May 2023.<\/p>\n

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The business also signed partnerships with Next and\u00a0Marks & Spencer\u00a0during the 2021\/22 financial year, which helped to boost sales.<\/p>\n

The business also signed partnerships with Next and Marks & Spencer during the 2021\/22 financial year, which helped to boost sales.<\/p>\n

FatFace's acquisition will add to Next's growing list of retail acquisitions and cement the group as one of the\u00a0most prolific buyers\u00a0of rival high street fashion chains.<\/p>\n

Will Crumbie, CEO of FatFace commented: "This acquisition by Next today is an important next step in FatFace\u2019s journey.<\/p>\n

"Having worked together for some time as a commercial partner, Next has recognised the strong foundations – and importantly – future potential for FatFace.\u00a0\u00a0<\/p>\n

"The acquisition is a testament to the hard work of our FatFace colleagues who have all done a terrific job of leading the business through the pandemic; building on the brand\u2019s strong heritage, quality product and fantastic customer service to emerge even stronger in recent years.<\/p>\n

"We have great momentum. This is about helping us reach more customers \u2013 whether that be in the UK or internationally\u00a0–\u00a0and becoming a part of the Next family, with the backing of their Total Platform infrastructure, will help us achieve this."<\/p>\n

It comes after Next announced in September it had become\u00a0the largest shareholder in Reiss\u00a0after it bought out private equity firm Warburg Pincus\u2019 interest for \u00a3128 million.<\/p>\n

The fashion giant snapped up the Made.com brand, domain names and intellectual property for \u00a33.4 million after it was forced to appoint administrators back in November 2022.<\/p>\n

Next started\u00a0selling Gap clothing online in late 2021, after it took over the running of the high street brand.<\/p>\n

It then started selling Gap clothing in stores in early 2022.<\/p>\n

It also agreed a sale to buy struggling lingerie brand\u00a0Victoria's Secret\u00a0in a move that saved its UK shops and website.<\/p>\n

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Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A HIGH street fashion chain with 180 stores across the UK has been sold to Next. FatFace, the leading British lifestyle retailer, has been acquired by Next for the value of \u00a3115.2million. 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