As we await news about Russell & Bromley’s eventual new owner, it’s clear that Next doesn’t have the field to itself. A report has said that Apparel Brands is also among the bidders for the venerable footwear retailer.
Russell & Bromley
Apparel Brands is based in Manchester and while it hasn’t publicly announce itself as a bidder, The Times reported that it’s on the list of those circling the firm.
It owns fashion labels Bench, Nicce and Hype as well as selling licensed products from big names that include Castore, Ed Hardy and Seafolly, so it’s a business with some weight behind it.
In 2023, it got backing from private equity business True and in the year to mid-20025, its sales rose to £47 million from just over £36 million the year before.
It has been very acquisitive in recent years, developing brands and creating product that are sold to other retailers and wholesalers. It doesn’t run its own stores, which raises the question of what might happen to Russell & Bromley’s stores if it succeeds in buying the business.
Some of the concerns around Next winning the auction centre on the assumption that it would want to close the entire store chain and just own the brand.
Russell & Bromley last year appointed Interpath to help find funding for its turnaround plan and look at other options available to it. The failure to raise new funds suggests that a sale is the most likely way forward.
Another bidder appears to be Auralis, which is led by Weird Fish CEO David Butler. The new investment firm appears to be favoured by some members of the Bromley family, although that’s no guarantee that its bid will succeed.
