The Carlyle Group acquires majority stake in retailer End.
Global investment firm The Carlyle Group has announced that it has agreed to acquire a majority stake in luxury, streetwear and sportswear retailer END.
The stake is being acquired from founders Christiaan Ashworth and John Parker, who will retain a significant minority stake and remain Co-CEO's of the company.
Founded in 2005, END. is a global multi-brand, digital-led retailer, featuring luxury and contemporary streetwear fashion. The company currently partners with more than 500 designers and brands, and has developed a loyal customer base through exclusive collaborations with brands such as Adidas, Reebok and New Balance.
In the year to 31 March 2020, END. generated revenues of £170 million, of which 65% came from sales outside of the UK.
Index Ventures, who currently hold a minority stake, will fully exit the business.
The investment will allow The Carlyle Group to leverage its “significant experience in the consumer sector” to support End.’s ongoing expansion plans, both within the UK market and internationally.
Christiaan Ashworth and John Parker, Co-Founders and Co-CEOs, said: “We are thrilled to welcome Carlyle as our new partner. Their experience and strong track record in Luxury and Streetwear will be invaluable to us in supporting END.’s long-term and sustainable growth strategy.
“Carlyle’s industry knowledge and truly global platform will be instrumental as END. continues to reach an increasingly international audience.”
Last year, TheIndustry.fashion reported that Co-Founders Ashworth and Parker asked Goldman Sachs to help sell a stake in the company with a value of about £700m.
Massimiliano Caraffa, Managing Director leading Consumer & Retail for the Carlyle Europe Partners advisory team, added: “We are attracted to END.’s distinctive style, which mixes luxury and contemporary brands with the best in sneakers and sportswear. We are excited by the many growth opportunities that lie ahead for the company, including the launch of womenswear as well as further international expansion.”