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Next is reportedly among a number of parties in talks about a potential deal involving the family-owned shoe retailer Russell and Bromley, according to Sky News, as the chain explores options for new investment.
The London-listed fashion group, which has a market capitalisation of £16.6bn, is understood to be in discussions with advisers to Russell and Bromley. Other potential suitors are also said to be considering an investment, although their identities were unclear.
News comes after Russell and Bromley confirmed several weeks ago that it had appointed Interpath to advise on raising new financing for the business. Any transaction could involve either a full acquisition of the brand or a minority investment, although the structure of a deal remains uncertain.
The talks are taking place during the peak Christmas trading period, with retailers closely watching consumer confidence amid continued economic uncertainty.
Founded in 1880, Russell and Bromley operates 37 stores and employs more than 450 people. The business is run by chief executive Andrew Bromley, the fifth generation of his family to lead the company.
The retailer has been working on a five-year turnaround plan aimed in part at attracting younger customers. Actress and singer Billie Piper is currently the face of the brand as part of that strategy.
For Next, any deal would add to a growing portfolio of fashion and lifestyle brands. In recent years, the group has acquired Cath Kidston, Joules and maternitywear retailer Seraphine, and it also owns Made.com and FatFace.
Next, led by chief executive Lord Wolfson, has expanded its influence through its Total Platform service, which provides logistics, e-commerce and digital services to other retailers. Brands including Gap and Victoria’s Secret have partnerships with Next under the platform.
Next has been approached for comment.
