Fri, 04 Jul 2014 | BUSINESS SALE
Cath Kidston, the retailer known for its floral, cheerful prints, is looking for a buyer to take it into the next level of development.
The company is currently in discussions with three parties after bringing in UBS late last year to explore its strategic options. It is thought that one of the interested parties is private equity firm Warburg Pincus.
Cath Kidston set up her fashion business with a store in Holland Park, London, in 1993. She is still involved in the business as creative director and owns about 20 per cent of it, while US private equity group TA Associates bought a ruling 60 per cent stake in the business in 2010.
Demand for the brand’s clothing, bags and accessories have skyrocketed, resulting in a 10 per cent increase in sales to £116 million for the year ending 30 March.
It has opened 42 stores in the space of a year, bringing its total store count to over 160. It launched its 100th store outside the UK on a site in Seoul, South Korea last weekend, and also has a presence in Indonesia, Malaysia and Singapore, with a flagship store in Shanghai.
Cath Kidston’s chief executive Kenny Wilson, who joined in 2011 from Claire’s Accessories, told The Telegraph: “We are under no pressure to sell. It is important we find the right partner. It is important we explore the options in the most comprehensive way we can.”
The retailer plans to open five stores in Britain this year, but Wilson says they don’t want to “oversaturate any market”. In December it opened its 7,000 square foot flagship store in London’s Piccadilly.
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