E Point Perfect
Shopping

Next in talks for £10m stake in struggling lifestyle retailer Joules

[ad_1]

Joules store front
Next has been in negotiations for “several weeks”
// Next has been in negotiations for “several weeks”
// If the acquisition is successful Joules Next’s online platform

High street giant Next is in talks to acquire a big stake in struggling fashion and lifestyle retailer, Joules.

According to Sky News, Next has been in negotiations for “several weeks” to acquire 25% of Joules.

For Next, acquiring 25% of the retailer, it would cost around £10 million at the smaller company’s current valuation.

If the acquisition is successful, the troubled retailer will join Next’s online platform, as it continues to expand beyond the core brand.


READ MORE: Next boss Lord Wolfson: tax cuts won’t fix the UK economic crisis


However, City sources claim that the discussions are not certain to result in a deal, with an announcement being “some time away”.

Joules currently has around 130 stores and employs over 1,000 employees, but, has recently been hit with a difficult period as inflation pressures continue to bite.

EY is said to be advising Next on its talks with Joules.

Next has already struck joint ventures with brands including Reiss and Victoria Secret.

The news comes as Next upgraded its full-year profit forecast after warm weather and demand for formal clothing helped boost sales in the first half of the year.

The fashion retailer‘s sales performance exceeded expectations by £50 million, leading it to raise its full-year profit guidance by £10 million to £860 million.

Click here to sign up to Retail Gazette‘s free daily email newsletter

[ad_2]

Source link >

Related posts

The Ragged Priest opens largest store to date at Seven Dials

Waitrose to drop ‘best before’ dates from fresh fruit and veg

5 things the quick commerce sector must do to survive

Simply Be launches first rental range with Hirestreet

Tesco and Ocado among businesses falling short on green promises

Tesco to increase security as “desperate people” turn to shoplifting