LAURA ASHLEY RESCUED FROM ADMINISTRATION
Global advisory, restructuring and investment firm Gordon Brothers has rescued British design-brand Laura Ashley from administration.
Gordon Brothers has acquired the global brand, its archives and related intellectual property from the administrators. According to reports, it intends to “place a strong emphasis on building ecommerce, developing more strategic wholesale relationships, and expanding the portfolio of licensees and franchisees globally.”
The new owner is also considering options such as retaining a smaller and streamlined portfolio of retail stores within the UK and Ireland.
Laura Ashley filed to appoint advisory firm PwC as administrators in March, after failing to secure an emergency funding lifeline amid coronavirus trading concerns.
“Whilst we have taken an important step forward in securing the sale of the brand, we continue to explore opportunities to reshape the UK store-based retail and manufacturing businesses and are very grateful for the efforts of the entire team at Laura Ashley in helping us with those discussions,” said Rob Lewis, joint administrator of several of the Laura Ashley group companies in the UK.
Ramez Toubassy, president of brands for Gordon Brothers commented, “Laura Ashley is a true giant among British lifestyle brands, possessing a unique ability to span geographies, product categories, and price points. We feel humbled and inspired by the responsibility to reignite Mrs Ashley’s original vision while delivering unique and contemporary products to both long-time followers and new customers from around the world.”
The news about Laura Ashley comes as the US-based investment firm sold Bench to the British streetwear brand’s primary European licensee, Wraith, for all territories outside of the Americas last week.