|
Sky News on Thursday reported that Next PLC is lining up FatFace as its latest high street takeover deal. Sky News said the deal could be worth more than £100 million. City sources said the deal could be announced later this week. FatFace is a family-focused clothing retailer which trades from around 180 UK stores. https://news.sky.com/story/next-lines-up-100m-fat-face-in-latest-high-street-takeover-deal-12982312 The Leicester, England-based clothing, footwear and home products retailer has made a number of acquisitions post-pandemic. In September, Next said it was increasing its stake in Reiss to 72% from 52%. In March Next also acquired vintage clothing brand Cath Kidston for £8.5 million. The company in 2022 bought a 74% stake in UK lifestyles retailer Joules Group PLC for £34 million, after snapping up assets of furniture seller Made.com for £3.4 million, both after the collapse of the two smaller retailers. Next is developing its Total Platform, which allows other brands to use Next’s large-scale IT, warehousing and distribution infrastructure for their own e-commerce operations. Shares in Next closed down 2.1% to 6,890.00 pence each in London on Wednesday. Copyright 2023 Alliance News Ltd. All Rights Reserved.
|
