British lifestyle brand Cath Kidston has been sold to Hong Kong-based investment firm Baring Asia, in a deal said to be worth more than £250 million.
Baring Asia bought total control from US private equity firm TA Associates, appointing ex-Gucci boss William Flanz as chairman. Its new owners are likely to be eyeing up expansion in Asia, where it already has 133 shops. The group now have about 160 stores outside the UK, 70 percent of its total stores, and is set to open in India later this year.
Kenny Wilson, Cath Kidston’s CEO, said: “We are entering a really exciting new stage under a single owner. Baring Asia’s decision to increase its shareholding is a fantastic endorsement of the potential of the Cath Kidston brand and I would like to welcome Bill Flanz.
“This year has been our most successful start to the year, proving the strength of our product and the continued and growing appeal of the brand to existing and new customers. As well as expanding internationally, we continue to innovate as demonstrated by our new collaboration with Disney, which lands in stores this month. We are very excited about the future.”
Cath Kidston is well-known for its floral-patterned homeware products, and started from just one store in Holland Park in 1993. Kidston still owns around 11 percent of the business, despite leaving her job as creative director in 2014, with the rest of the management team owning the remaining 9 percent.
04/10/2016
