Next has partnered with a stock clearance specialist in its pursuit of acquiring the family-owned shoe retailer Russell & Bromley. Sky News has reported that the FTSE-100 retailer is collaborating with Retail Realisation, a specialist retail advisory firm, to explore opportunities within the 145-year-old chain.
According to industry sources, the alliance between Next and Retail Realisation emphasizes Next’s interest in the Russell & Bromley brand rather than its physical stores or inventory. Next’s proposal is among several being considered by Interpath, the advisory firm guiding Russell & Bromley through the process. Additionally, the retail giant is actively pursuing a potential deal for LK Bennett, a fashion brand that recently announced its intention to appoint administrators.
Russell & Bromley operates from 37 stores and has a workforce of over 450 employees. The company traces its roots back to 1880 when the inaugural Russell & Bromley store opened in Eastbourne. The business was established after George Bromley and Elizabeth Russell, both from shoemaking backgrounds, tied the knot seven years prior.
Today, Russell & Bromley is overseen by Andrew Bromley, the fifth generation of his family to lead the company. Actress and singer Billie Piper currently represents the brand as it aims to attract younger consumers as part of a five-year revitalization strategy. In recent years, Next has acquired various brands such as Cath Kidston, Joules, and Seraphine at discounted prices. Next also holds ownership of Made.com, an online furniture retailer, and FatFace, a popular high street fashion brand.
Under the leadership of Lord Wolfson, its long-standing chief executive, Next has defied the challenges faced by the broader high street sector, establishing itself as one of the best-managed businesses in the UK. Recently, the company raised its full-year profit forecast following a successful Christmas trading period.
Next did not provide a response to requests for comments, and Retail Realisation opted not to comment on the matter.
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