Russell & Bromley Bid Advances with Winning Proposal
Next is moving forward with a bid to acquire Russell & Bromley, a historic British fashion retailer. The potential agreement, reached in collaboration with Retail Realisation, could be finalized as soon as this Wednesday. However, it remains uncertain whether a deal will be completed, with sources indicating that negotiations are ongoing.
Details of the Russell & Bromley Bid
The acquisition of Russell & Bromley, a family-owned retailer that has operated for 145 years, positions Next as a key player in the high street retail sector. The discussions highlight Next and Retail Realisation as frontrunners in the bid process, following reports of interest from other groups, including brands such as Bench and Weird Fish.
- Date of Establishment: Russell & Bromley was founded in 1880.
- Founders: George Bromley and Elizabeth Russell were married in 1873, laying the groundwork for the business.
- Current CEO: Andrew Bromley is the fifth generation of his family to manage the brand.
- Number of Stores: The brand operates 37 locations across the UK.
- Current Brand Face: Actress and singer Billie Piper is promoting the brand in a five-year turnaround plan.
Next’s Growth Strategy
In recent years, Next has successfully acquired various brands at reduced prices, such as Cath Kidston, Joules, and Seraphine, which focuses on maternity wear. Additionally, Next owns Made.com, an online furniture retailer, and FatFace, another high street fashion brand.
Under the leadership of veteran chief executive Lord Wolfson, Next has managed to navigate the challenges faced by the high street. The company recently updated its profit forecasts following a strong performance during the Christmas season.
While Next seeks to expand its brand portfolio through the acquisition of Russell & Bromley, it has chosen to withdraw from acquiring LK Bennett, which is also facing financial difficulties.
As negotiations for the Russell & Bromley bid continue, observers await definitive updates on the deal’s progress and its implications for the future of the iconic retailer.
