Concerns have heightened regarding the fate of numerous Russell & Bromley shoe outlets following the recent sale of the brand.
Retail powerhouse Next has acquired the brand name and certain assets, excluding its 33 stores and nine concessions in the UK and Ireland, which employ approximately 400 individuals.
Established in 1879 in Eastbourne, East Sussex, the family-owned Russell & Bromley operates as a proudly British label. Despite its heritage, the retailer has faced challenges in a highly competitive market, experiencing declining sales and widening losses.
The acquisition by Next was executed through a pre-pack insolvency process overseen by Interpath, an advisor appointed in October to explore solutions and support a five-year turnaround led by CEO Andrew Bromley, a family member.
Interpath announced that Next would take over the Russell & Bromley brand, intellectual property, and the transfer of three stores in Chelsea, Mayfair, and the Bluewater Shopping Centre, to be operated under license. The sale price for the brand and IP is £2.5 million, with Next paying £1.3 million for existing stock. Additionally, around 40 employees will transition to Next.
Andrew Bromley stated: “Following a strategic review with external advisors, we have made the tough decision to sell the Russell & Bromley brand.
“This represents the best course of action to safeguard the brand’s future, and we extend our gratitude to our staff, suppliers, partners, and customers for their ongoing support over the years.”
The transaction does not include 33 stores and nine concessions, which will remain operational as the joint administrators explore potential outcomes, including closure or potential management by another entity in collaboration with Next and store landlords.
Will Wright, Interpath’s UK CEO, remarked: “Throughout its 147-year history, Russell & Bromley has been synonymous with contemporary fashion. We are pleased to have finalized this deal, ensuring the preservation of the brand’s heritage and commitment to quality craftsmanship it is renowned for.
He added: “Our aim is to continue operating the remaining stores for as long as possible while exploring available options.”
Next affirmed: “This acquisition secures the future of a beloved British footwear brand. Next is committed to building on this legacy, providing operational stability and expertise to support Russell & Bromley’s future endeavors, focusing on designing and curating top-tier footwear and accessories for years to come.”
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