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Maxine Hargraves-Adams acquires Nicole Farhi
27
Jul '13
The much adorned British fashion label - Nicole Farhi is out of administration, as Fenn Wright Manson (FWM) owner Maxine Hargraves-Adams has purchased the chain, after a round of negotiations with administrators Zolfo Copper.
 
The acquisition includes all six stores, nine concessions across the UK and Ireland and the wholesale and e-commerce branches of the Nicole Farhi business. The sale also comes as a relief for over 100 employees of the chain in UK, whose jobs were at stake following the firm’s slipping into administration.
 
Ms. Maxine, who acquired the fashion chain for an undisclosed sum, said, “I am delighted to announce that we have been able to acquire Nicole Farhi - an iconic and much-loved British brand.” 
 
The Nicole Farhi acquisition is third in line for Ms. Maxine, who acquired womenswear brand FWM in March 2012 and a 50 percent stake in Damsel in a Dress earlier this year. 
 
Peter Saville, Partner at Zolfo Cooper, which sold FWM to Ms. Maxine last year said: “We are extremely pleased to have secured the sale of Nicole Farhi to Maxine Hargreaves-Adams, preserving a well-known retail brand.” 
 
Unable to handle financial pressures arising out of waning demand, contracting margins and rising costs, Nicole Farhi last month slipped under administration.
 
Incorporated by French-born designer Nicole Farhi and former head of French Connection Stephen Marks in 1982, the company has witnessed frequent changes in ownership over the past three years.
 
After incurring heavy losses, French Connection sold the company to OpenGate Capital for five million pounds. However, just within a short span of two years OpenGate resold it to private equity group Kelso Place Management, which promised to invest about £15 million in the company over five years.
 

Fibre2fashion News Desk - India


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