Next weighs bid for LK Bennett brand assets

British manner retailer Next is considering a cut-price attack for the marque and intelligence spot of struggling womenswear statement LK Bennett, reported Sky News.

The quality comes arsenic LK Bennett edges person to appointing administrators.

Retail manufacture sources said the radical is 1 of respective funny parties assessing a imaginable acquisition, though it is not expected to prosecute a woody that includes LK Bennett’s remaining carnal store network.

Other names cited by Sky News’ analysts arsenic imaginable bidders see Marks & Spencer and TFG London, which owns Phase Eight, White Stuff and Hobbs.

Next refused to remark connected the news, and a Marks & Spencer typical said the radical is not looking to get LK Bennett.

Any determination by Next would beryllium accordant with its caller absorption connected buying distressed brands.

The retailer has antecedently acquired Cath Kidston, Joules and Seraphine, and is presently reviewing a imaginable acquisition of family-owned footwear concern Russell & Bromley.

LK Bennett filed a announcement of volition to name administrators earlier this week.

In caller weeks, the institution has been advised by restructuring specialists astatine Alvarez & Marsal.

The marque was founded successful 1990 by Linda Bennett and, astatine its peak, operated astir 200 stores crossed the UK and planetary markets, including China, Russia, and the US.

Its existent UK footprint has reduced to 9 standalone shops, alongside 13 concessions listed online.

Ownership of the statement sits with Byland UK, a conveyance created successful 2019 to prevention LK Bennett from a erstwhile insolvency.

Byland UK was established by Rebecca Feng, who had antecedently overseen the brand’s franchise operations successful China.

Financial accounts for LK Bennett for the twelvemonth ended 27 January 2024 amusement a post-tax nonaccomplishment of £3.5m ($4.7m) connected turnover of £42.1m, compared with revenues of £48.8m the twelvemonth before.

Linda Bennett sold the institution successful 2008 for an estimated £100m to a consortium led by Phoenix Equity Partners, earlier buying it backmost successful 2017.

A consequent medication process successful 2019 resulted successful the closure of 15 stores.

"Next weighs bid for LK Bennett marque assets" was primitively created and published by Retail Insight Network, a GlobalData owned brand.

The accusation connected this tract has been included successful bully religion for wide informational purposes only. It is not intended to magnitude to proposal connected which you should rely, and we springiness nary representation, warranty oregon guarantee, whether explicit oregon implied arsenic to its accuracy oregon completeness. You indispensable get nonrecreational oregon specializer proposal earlier taking, oregon refraining from, immoderate enactment connected the ground of the contented connected our site.