Ralph and Russo has been bought out of administration by Retail Ecommerce Ventures (REV), who made an undisclosed bid amount to acquire the business and assets of the UK-based luxury brand.
Paul Appleton of Begbies Traynor Group and Andrew Andronikou of Quantuma Advisory, who were acting as joint administrators, conducted a “thorough and extended” sales process which generated global interest and resulted in numerous parties submitting bids.
The retailer previously went into administration in March 2021, following a year of affected trading caused by the Covid-19 pandemic.
Commenting on the rescue, Appleton said: “Retail Ecommerce Ventures has a strong track record of acquiring and growing iconic retail brands globally. The Joint Administrators are confident that this acquisition will bolster the success of the Ralph & Russo brand globally.”
Tai Lopez, executive chairman of Retail Ecommerce Ventures, added: “Ralph and Russo is a globally celebrated brand with a unique position in the luxury sector and significant brand affinity.
“With REV’s investment, there is massive potential for the Ralph and Russo brand to retain and grow its market leading position at the forefront of luxury design.”