British clothing retailer Next Plc has further expanded its brand portfolio. On Friday, the company announced the acquisition of a majority stake in the leisure fashion retailer Fat Face.
Next acquired 97 percent of the shares in Fat Face from a financial consortium for 115.2 million British pounds (133.1 million euros). The remaining three percent remains with the management of the clothing company. Fat Face will remain independently managed and creatively independent after the transaction, said the new majority owner. CEO Will Crumbie and the previous board of directors will retain their positions, and the company headquarters in the southern English city of Havant will also remain.
Fat Face has more than 180 stores in the UK and Ireland and more than 25 stores in the US and Canada, according to Next. In the most recent financial year 2022/23, the clothing supplier generated sales of 282 million British pounds (326 million euros) and a profit before taxes of 19.5 million British pounds.
Both companies have been working together since 2016, when Fat Face began selling its products through Next’s online marketplace. In the future, after a transition phase, the brand will use the IT and logistics services of Next’s “Total Platform” division for its entire online business, according to a statement.