The British retail group Next Plc is still on a shopping spree. On Tuesday, the company announced the acquisition of substantial assets from bankrupt retailer Cath Kidston. According to Next, Next will pay 8.5 million British pounds (9.7 million euros) to the company’s insolvency administrators for the acquisition of the brand name as well as the Internet presence and intellectual property rights of CK Acquisitions Ltd.
As part of a license agreement, the insolvency administrators will continue to use the Cathkidston.com domain for a period of twelve weeks to ensure the sale of stocks. After that, Next plans to relaunch the online store on its own. The clothing and accessories retailer’s four remaining brick-and-mortar stores in the UK are not part of the transaction and, according to press reports, will close once the clearance sale is complete.
Next had already significantly expanded its portfolio in recent months. The group took over the insolvent brands Made.com and Joules. In spring 2022, the retailer also acquired a majority stake in menswear retailer Reiss and, together with a group of investors, bought British maternity and children’s fashion label JoJo Maman Bébé.