Fri, 02 Jul 2021 | BUSINESS SALE
British couture fashion brand Ralph & Russo has revealed that it has been bought out of administration by US-based investment firm Retail Ecommerce Ventures (REV).
Set up by entrepreneurs Tai Lopez and Alex Mehr in 2019, REV already owns fashion retailers Dressbarn and Stein Mart, as well as homeware company Pier 1.
The sale of the business was managed by UK-based Hillco Streambank and Hilco Valuation Services Europe, who were instructed by joint administrators Begbies Traynor Group and Quantuma Advisory.
Commenting on the deal, Paul Appleton, of Begbies Traynor Group, 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 that it believed investment from REV could be the boost Ralph & Russo needs to reach its potential by both retaining and growing its "market-leading position" at the forefront of the luxury fashion design industry.
The news comes three months after Ralph & Russo fell into administration with debts of almost £28 million. The firm reported that it had been hit hard by the Covid-19 pandemic, which had resulted in the cancellation of many weddings and formal events that would have otherwise helped the business boost its profits.
In a joint statement released at the time, co-founders Ralph & Russo said: "This difficult decision has been made to help ensure the company’s ongoing success and to restructure the business after the retail economy across the world has been badly hit by the Covid-19 pandemic."
This is an exciting opportunity to acquire a well-established domestic appliance and parts retailer in the West Midlands, bolstered by strong ecommerce sales.
LEASEHOLD
This business presents a robust opportunity with an established client base across multiple sectors and a strong management team.
LEASEHOLD
An exciting opportunity has arisen to acquire the assets of a renowned artisan bakery specialist, celebrated for their handcrafted products.
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.