Next rescues Seraphine from administration, upgrades full year profit guidance
The deal, valued at 600,000 pounds, includes certain assets of the Seraphine business, including the brand and intellectual property. Next said it intends to 'provide a stable platform for Seraphine's relaunch, refocusing the business on what it does best; creating stylist, practical solutions for new and expecting mums'.
Seraphine's founder, Cécile Reinaud, will serve in an advisory capacity. In a statement, Reinaud said she was happy to see the brand find a new home with Next, adding: 'This new ownership feels like a good fit and I believe Seraphine will thrive again. I'm excited to be part of this new chapter, helping to restore the brand's unique positioning that pregnant women love.'
Will Wright, UK CEO of Interpath and joint administrator of Seraphine, said in a statement: 'We are pleased to have concluded this transaction which preserves the Seraphine brand, and wish the team at Next all the very best for the future.'
Seraphine entered administration earlier this month after grappling with 'trading challenges' over recent years that were 'exacerbated by fragile consumer confidence which had negatively impacted sales'.
Following the implementation of a new brand strategy, Seraphine worked with Interpath to secure extra investment in May, however, 'pressure on cashflow continued to mount' and, as such, leadership opted to file for administration.
Founded in 2002, Seraphine, which ultimately ceased trading on July 7, had been operating a flagship store on Kensington High Street in London, an e-commerce site and had been stocked in several third-party stores. Now under the ownership of Next, it joins the likes of Fat Face, Joules and JoJo Maman Bebe as part of the expanding retailer's portfolio. Rising business costs in UK ensure caution in H2 forecast
Elsewhere, Next has continued to enjoy strong financial performance into the second quarter of the year, with full price sales increasing +10.5 percent year-over-year for the 13 weeks to July 26. This came ahead of the retailer's previously stated guidance for the period of +6.5 percent.
As a result of the strong performance, Next said it was raising its full price sales guidance for the second half of the year from +3.5 percent to +4.5 percent, adding a further 27 million pounds in sales to its forecast. The company is also increasing its full year profit guidance by 25 million pounds to just over 1.1 billion pounds.
In its report, Next said it remains 'cautious for the second half of the year', particularly in the UK, where it is maintaining its sales guidance of +1.9 percent, compared to +7.6 percent in the first half. The retailer cited UK employment opportunities in relation to increased business costs as a core concern in the region, and noted that Q2 sales were likely elevated due to 'better summer weather and trading disruption at a major competitor'.
Things look more promising for international online sales, however. For this category, Next is upgrading its second half guidance from +13.1 percent to +19.4 percent as it looks to invest more in profitable digital marketing.
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