Next is potential investor for Russell & Bromley amid funding review

According to a Sky News report, Next is one of several parties considering involvement with Russell & Bromley, although other interested groups have not been publicly identified.

Next declined to comment when approached by Just Style, but the talks are said to be during the Christmas shopping season as retailers monitor consumer spending amid economic uncertainty.

In October this year, Russell & Bromley appointed advisory firm Interpath to review options for securing new funding.

The 145-year-old company, which operates a network of 37 stores, introduced footwear styles such as the Chester and Keeble loafers.

According to Sky News, Andrew Bromley, representing the fifth generation of his family, currently leads Russell & Bromley. The company has more than 450 employees.

A potential transaction involving Next would follow its previous acquisitions of brands including Cath Kidston, Joules, Seraphine, Made.com, and FatFace.

Next has also implemented a platform that offers logistics and digital services to other retail brands. Victoria’s Secret and Gap are among those using this service for UK operations.

It is not known whether Next would pursue a full acquisition or a minority investment in Russell & Bromley.

In October this year, Russell & Bromley’s leadership indicated that it is seeking opportunities to obtain investment for the company’s next stage of development.

Sky News quoted Bromley as saying: “Since the announcement of the ‘Re Boot’ earlier this year we have made significant progress, positioning us well to build on our momentum and continue along our journey.

“We are looking forward to working with our advisory team to secure the necessary investment to accelerate our expansion plans.”

The report follows Next’s decision to increase its full-year profit forecast after reporting better-than-expected results for the third quarter.

In the 13 weeks to 25 October (Q3), Next’s full price sales rose 10.5% year on year, £76m ($100.44m) ahead of guidance.

“Next is potential investor for Russell & Bromley amid funding review” was originally created and published by Just Style, a GlobalData owned brand.

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