Russell & Bromley Acquisition: Next Steps for Winning Bidder
Next, a prominent UK retailer, is advancing toward acquiring Russell & Bromley (R&B), a historic fashion brand. This potential deal, in partnership with stock clearance expert Retail Realisation, could be finalized soon, possibly by Wednesday. Sources indicate that while discussions are ongoing, no formal agreement has been reached, leaving room for uncertainty.
Key Details on the Russell & Bromley Acquisition
Next and Retail Realisation have emerged as the primary contenders to purchase the 145-year-old family-owned retailer. In recent reports, it was noted that competition includes the owners of fashion labels Bench and Weird Fish. However, Next’s bid stands out due to its strategic partnership with Retail Realisation, which is set to manage the clearance of stock if the acquisition proceeds.
Impact on Stores and Employment
- Next’s acquisition may lead to the closure of R&B’s 37 stores.
- Russell & Bromley employs over 450 individuals.
- The brand was founded in 1880 by George Bromley and Elizabeth Russell in Eastbourne.
Currently, Andrew Bromley, a fifth-generation descendant, oversees the operations of Russell & Bromley. The brand is actively attempting to engage younger customers, with actress Billie Piper as its spokesperson, as part of a rebranding effort over five years.
Next’s Recent Business Strategy
Next has previously acquired brands like Cath Kidston and Joules at significantly reduced prices. The retailer also owns Made.com and FatFace, showcasing its diverse portfolio. Under the leadership of Lord Wolfson, Next has navigated the challenging retail landscape effectively, recently enhancing its profit forecasts after a strong Christmas trading period.
Current Status of the Acquisition
Next did not offer comments regarding the acquisition, nor did Retail Realisation or Interpath, the advisory firm involved with R&B. As developments unfold, the retail industry keenly observes the potential changes to raise awareness of the brand’s future.
