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Next PLC on Tuesday said it has bought the Cath Kidston vintage clothing brand in a £8.5 million deal.
The FTSE-100 clothing and homewares retailer said it has agreed to acquire the brand name, domain names and intellectual property of CK Acquisitions Ltd from the administrators for £8.5 million.
Next said the cathkidston.com domain will be licenced back to the administrators for a period of up to 12 weeks to effect stock clearance, prior to relaunch under Next’s ownership.
On Monday, Sky News reported that Next was in discussions to buy the Cath Kidston brand.
Cath Kidston has been owned by specialist retail investor Hilco Capital for less than a year, having collapsed into administration in 2020, Sky noted.
https://news.sky.com/story/next-in-advanced-talks-to-snap-up-vintage-brand-cath-kidston-12843868
Next in December 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.
Next will release its annual results on Wednesday.
Next shares were up 0.9 at 6,740.00 pence each on Tuesday afternoon in London.
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