Mon, 17 Mar 2014 | BUSINESS SALE
Ann Summers has announced that it is putting its Knickerbox business up for sale so that it can focus on its core brand and unique products.
The women’s fashion retailer has hired KPMG to complete the sale of Knickerbox, which is a line of comfortable and feminine lingerie. Ann Summers purchased the business when it was making a loss in 2000 and integrated the line within its 143 high street stores, its online catalogue and its Ann Summers parties.
The company has now stated that it wishes to focus more on its core business. Potential buyers for Knickerbox include other retailers such as Tesco or Debenhams, according to the Telegraph.
In its most recently reported financial year – the 12 months up to 30 June 2012 – Ann Summers reported a £1.2m uplift in pre-tax profit to £4 million, against a sales increase of 1.7 per cent to £118 million. Ann Summers credited a brand identity overhaul, website redesign and more fashion-led products for the strong sales performance. Furthermore, the success of the erotic novel series Fifty Shades was also highlighted as bolstering lingerie sales.
Ann Summers CEO Jacqueline Gold said: “Knickerbox has been a very successful part of the Ann Summers brand for over 13 years and we have made this decision as part of a wider strategic plan that we believe will allow us to experience continued growth and brand development.”
KPMG’s head of retail, David McCorquodale, added that the Knickerbox brand has a “strong identity and respected market position”. As such, the company expects the brand to be bought by a retailer that can reach a broader section of its customer base.
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