U.K.-based fashion retailer Next has purchased British footwear brand Russell & Bromley through an insolvency process, paying £2.5 million pounds ($3.4 million).
Next reported that it is also paying £1.3 million for some of Russell & Bromley’s stock.
The 147-year-old firm sells men’s and women’s footwear, as well as bags and accessories. It operates 36 stores and nine concessions across the UK and Ireland, employing about 440 people.
Next said it purchased the brand, intellectual property and three Russell & Bromley stores: Oxford Street and King’s Road in London and at the Bluewater Shopping Centre. The other 33 stores and nine concessions are not included in the transaction.
Administrator Interpath said these stores would remain open and continue trading while the administrators assess options for them.
Next’s businesses include FatFace, Joules, Cath Kidston, Seraphine, and Made.com. It also has rights to the UK distribution of Gap and Victoria’s Secret.
Next reported in a media statement, “This acquisition secures the future of a much-loved British footwear brand. Next intends to build on this legacy and provide the operational stability and expertise to support Russell & Bromley’s next chapter, allowing it to return to its core mission, the design and curation of world-class, premium footwear and accessories, for many years to come.”
Russell & Bromley is run by Andrew Bromley, the fifth generation of his family to hold the reins.
Andrew Bromley, CEO of Russell & Bromley, which until now has been a family-owned business, said, “Following a strategic review with external advisers, we have taken the difficult decision to sell the Russell & Bromley brand. This is the best route to secure the future for the brand, and we would like to thank our staff, suppliers, partners, and customers for their support.”
Will Wright, the UK chief executive of Interpath, said, “Across its 147-year history, Russell & Bromley has been at the forefront of contemporary style. We are pleased, therefore, to have concluded this transaction, which will preserve the brand and the commitment to quality craftsmanship that it has become so well known for. Our intention is to continue to trade the remaining portfolio of stores for as long as we can while we explore the options available.”
Image courtesy Russell & Bromley
