Next rescues maternity brand favoured by Princess of Wales
The British retail giant has paid £600,000 for the Seraphine brand and intellectual property. The maternity wear company's founder Cécile Reinaud will return as an adviser, having stepped down from the business in 2021.
Next said the deal signalled 'a new chapter for the heritage British brand'. The company's clothes were worn by the Princess of Wales in 2013 for the first official family portrait following the birth of Prince George.
Ms Reinaud said: 'I'm very happy to see Seraphine find a new home with Next, a British brand with so much heritage and customer trust that resonates with millions of women and families.
'This new ownership feels like a good fit and I believe Seraphine will thrive again.'
Just weeks ago, the company was forced to make the majority of its 95 employees redundant after collapsing into administration after failing to find a buyer for the whole business.
Ms Reinaud had been critical of the stewardship of the business by private equity firm Mayfair Equity Partners, which she sold the business to.
Writing on LinkedIn earlier this year, after Seraphine launched a new logo, she said: 'My original vision was to create clothes you'd want to wear even if you weren't pregnant. That guiding principle seems to have vanished now.
'Seraphine was once a proud example of British fashion entrepreneurship, recipient of two Queen's Awards: now, it seems to have lost its recognisable identity.'
Mayfair defended the rebrand at the time as 'a hugely exciting moment for Seraphine, with the unveiling of its enhanced website and refreshed brand identity that incorporated consumer desire for a modernised look and feel.'
Seraphine listed on the London Stock Exchange in 2021 with a value of £150m. However, it suffered a string of profit warnings and Mayfair Equity took it off the stock market in 2023. At that point, it was worth £15.3m.
The company made an operating loss of £13m on revenues of £42m during its latest financial year. It then called in administrators at Interpath on July 7.
Will Wright, the company's joint administrator, said: 'Unfortunately, the strong economic headwinds that have been impacting a number of the UK's high street and online retailers, including rising costs and brittle consumer confidence, have proved too challenging to overcome.'
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