Next, the high street fashion giant, is planning to make a move on Russell & Bromley, the 145-year-old shoe retailer. Sky News has learned that Next, with a market capitalization of £16.6bn, is in discussions with Russell & Bromley’s advisors regarding a potential deal. City sources have indicated that other parties are also considering investing in the chain, although their identities remain unknown.
These talks are taking place during the peak Christmas trading season, with retail executives optimistic about consumer confidence despite the challenges posed by the economy. Russell & Bromley recently engaged Interpath, an advisory firm, to explore options for securing additional financing for the business.
Established in 1880, Russell & Bromley opened its first store in Eastbourne. The business was founded by George Bromley and Elizabeth Russell, who came from families with a background in shoemaking. Today, the company is led by Andrew Bromley, the fifth generation of his family to oversee operations.
Billie Piper, the actress and singer, currently represents the brand as part of a five-year turnaround strategy aimed at attracting younger consumers. If successful, Next’s acquisition or investment in Russell & Bromley would be the latest in a series of brand deals struck by the UK’s most successful London-listed fashion retailer.
In recent years, Next has acquired brands such as Cath Kidston, Joules, and Seraphine at discounted prices. The company also owns Made.com, an online furniture retailer, and FatFace, a popular high street fashion brand. Under the leadership of Lord Wolfson, its longstanding CEO, Next has managed to thrive in a challenging retail environment.
Next’s Total Platform infrastructure has allowed it to integrate other retail brands, providing logistics, e-commerce, and digital services. Partnerships with Victoria’s Secret and Gap have also been established through the Total Platform offering. It remains uncertain whether a potential deal between Next and Russell & Bromley would involve acquiring the latter’s brand outright or making an investment in the business.
Next declined to comment on the matter this weekend, and both Russell & Bromley and Interpath were unavailable for comment. In a statement made in October, Mr. Bromley expressed the company’s commitment to advancing its «Re Boot» vision and seeking investment to support its expansion plans.
This potential move by Next underscores its strategic approach to expanding its portfolio and strengthening its position in the fashion retail sector. The outcome of these discussions could have significant implications for both companies and the broader retail industry.
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