Next to buy FatFace in £100m deal
Next to buy FatFace in £100m deal
It follows the closing of a deal to buy rival Fat Face for more than £100m.
The FTSE 100 clothing giant is putting the finishing touches on the acquisition with an official announcement possible this week.
Since last year, Next has acquired a host of high street brands including Joules and Made.
The FTSE 100 clothing giant is putting the finishing touches on the acquisition with an official announcement possible this week
Earlier this fall, the company said it was increasing its stake in Reiss, a favorite of the Princess of Wales. The proposed takeover, first reported by Sky News, comes around three years after Fat Face was taken over by creditors.
Fat Face has around 180 stores in the UK, while Next has around 500.
Next month last month raised profit guidance for the third time this year with sales boosted by warm weather and rising wages.
There was a 5.4% jump in total sales in the six months to July compared with the same period last year and a 3.2% increase in sales of its full-price brands.
Jigsaw slipped back into the black as the return of workers to offices boosted sales of dresses and other smart clothing. It reported annual profits of £802,000 after posting a loss of £1.3m the previous year.
Revenue rose 20% to £56.8m.
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