NEXT circles Russell & Bromley as acquisition talks gather pace
NEXT is exploring a potential deal for family-owned footwear retailer Russell & Bromley, as the high street giant continues to expand its portfolio of heritage brands through acquisitions and investments.
The £16.6 billion fashion group is among several parties currently in discussions with advisers to the 145-year-old shoe chain, according to Sky News, which has been exploring new financing options to support its next phase of growth.
Russell & Bromley confirmed earlier this year that it had appointed Interpath to advise on raising new capital, amid efforts to accelerate its five-year turnaround strategy, known internally as ‘Re Boot’. The premium footwear retailer operates 37 stores across the UK and employs more than 450 people.
Founded in 1880 with the opening of its first store in Eastbourne, Russell & Bromley remains under family ownership and is now led by fifth-generation chief executive Andrew Bromley. In recent years, the brand has been working to modernise its positioning and appeal to a younger customer, appointing Daniel Beadsworth-Shaw as its first Creative Director as well as actress and singer Billie Piper as the face of the brand.
In a statement issued in October, Bromley said: "We are currently exploring opportunities to help take Russell & Bromley into the next phase of our ‘Re Boot’ vision.
"Since the announcement of the ‘Re Boot’ earlier this year we have made significant progress, positioning us well to build on our momentum and continue along our journey. We are looking forward to working with our advisory team to secure the necessary investment to accelerate our expansion plans."
It remains unclear, however, whether NEXT is considering a full acquisition or a minority investment.
Under Chief Executive Lord Wolfson, in recent years, NEXT has acquired businesses including Joules, FatFace, Cath Kidston and maternitywear brand Seraphine, alongside Made.com, while also partnering with international retailers such as Gap and Victoria’s Secret through Total Platform. This platform is the group’s end-to-end infrastructure solution that provides logistics, warehousing, e-commerce and digital services.
