Home / Knowledge / News / Fashion / Next buys women's fashion label Lipsy

Next buys women's fashion label Lipsy

06
Oct '08
NEXT PLC (Next) has acquired Lipsy Limited (Lipsy) for an initial consideration of £17.4m in cash paid at completion. The share capital was acquired for £14m and Loan Notes repaid of £3.4m.

Lipsy was otherwise debt free at the date of acquisition. There will be further amounts payable in 2012, 2013 and 2014 dependent on the post tax profit performance of Lipsy for each of those years.

Lipsy is a well recognised wholesale brand in the young women's fashion market, with a turnover of approximately £20m in the year to June 2008. Next had revenues of £3,329m and profit before tax of £498m in the year to January 2008.

Lipsy distributes its products through a number of different retailers on the high street, in catalogues and on the internet. Lipsy also sells direct through its own website and will open its first standalone store in Brent Cross, London, in November 2008.

Following its acquisition by Next, there is no intention for Lipsy to cease supplying its products to existing customers, nor is there any intention to sell Lipsy products in Next stores. Lipsy products already feature in the Next Directory and this will continue.

Lipsy's existing executive team, led by Jeremy Stakol as Managing Director, will continue to develop and run the business from their offices in London. Next, which is based in Leicester, will provide the capital, expertise and infrastructure to accelerate the development of Lipsy into a leading brand in the younger women's fashion market.

Jeremy Stakol, CEO of Lipsy Limited said "The prospect of working with one of the UK's leading fashion retailers to accelerate the development of Lipsy is exciting. Next's sourcing, supply chain, systems and logistics are among the best in the industry and we look forward to working with Next's experienced management team."

Simon Wolfson, CEO of Next plc said "We are delighted to welcome Lipsy to the Next group and look forward to helping develop their business in the years ahead."

NEXT PLC


Interviews View All

Yash Agarwal, Hitansh Online

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Top executives, Indian retail players

Top executives
Indian retail players

Walmart's acquisition of Flipkart endorses the humongous opportunities in...

Spokesperson, Hugo Boss

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Eric Schoeller,

Eric Schoeller

Groz-Beckert is the world's leading provider of industrial machine...

Matthias Eilert,

Matthias Eilert

Germany-based Forbo Movement Systems division is a global leader in...

Luciano Sardini,

Luciano Sardini

A consolidated reality in Italy and internationally, IMA Spa is well-known ...

Tiasha Renganathan, Twinery Innovations by MAS

Tiasha Renganathan
Twinery Innovations by MAS

Twinery-Innovations by MAS is the innovation arm of Sri Lankan company MAS ...

Melissa Tate, University of New South Wales

Melissa Tate
University of New South Wales

<div><div><div><div><b>Melissa Tate</b>, a well-known scientist currently...

Michael Jaenecke, Messe Frankfurt

Michael Jaenecke
Messe Frankfurt

From May 14 to 17, international exhibitors will present the entire...

Mike Hoffman, Gildan Activewear SRL

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Vaanee Bhatia, Gritstones Clothing

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Akta Adani, India Boulevard

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Follow us on instagram

Follow

Follow Fibre2Fashion On


Advanced Search