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Ted Baker to take over No Ordinary Shoes

17
Sep '18
Courtesy: Ted Baker
Courtesy: Ted Baker
Ted Baker, the global lifestyle brand, has entered into an agreement with Pentland Group, the company's footwear licensee since 2001, to take over the issued share capital of No Ordinary Shoes Limited and No Ordinary Shoes USA LLC for an aggregate consideration of £13 million, plus an adjustment for net assets of the these companies as at completion date.

The net assets are anticipated to be between £4-8 million. Pentland currently holds the exclusive global licence from Ted Baker to manufacture and distribute footwear under the Ted Baker brand. Accordingly, following completion of this acquisition, Ted Baker will bring its footwear licence back in-house.

The aggregated sales of the No Ordinary Shoes Limited and No Ordinary Shoes USA LLC (target companies) for the year ended December 31, 2017 totalled £39.8 million. The acquisition will be financed by the company's existing bank facilities and is expected to enhance the earnings of Ted Baker in FY2019/20 and beyond.

Following completion of the acquisition on December 31, 2018 the target companies will be integrated into Ted Baker's current operations.

Commenting, Ray Kelvin CBE, founder and chief executive of Ted Baker, said: "I would like to thank Pentland for their hard work and dedication over the last 17 years during which they have been close friends of Ted Baker and trusted custodians of the brand. This is an exciting opportunity for Ted Baker to drive further growth in our footwear business by leveraging our global footprint and infrastructure, in line with our strategy to further develop Ted Baker as a global lifestyle brand."

Richard Newcombe, global president of Footwear Division at Pentland, said: "It's been a pleasure to have partnered with the Ted Baker team for the last 17 years. Since becoming the Ted Baker footwear licensee in 2001, we've grown the footwear category by more than 800 per cent and increased distribution from 60 retailer partners in 8 markets, to over 200 in 28 markets. We have worked closely with the team at Ted to ensure our strategies are perfectly aligned, and that the product captures what makes Ted Baker such a special and unique brand.” (SV)

Fibre2Fashion News Desk – India


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