Next, a popular fashion retailer, has acquired the renowned British brand Russell & Bromley, raising concerns for the fate of the brand’s numerous shoe shops. The purchase includes the brand name and some assets but excludes the 33 stores and nine concessions in the UK and Ireland, where approximately 400 employees work.
Established in 1879 in Eastbourne, East Sussex, Russell & Bromley is a long-standing British brand that has faced challenges in a competitive market, experiencing declining sales and widening losses over time. The sale to Next was facilitated through a pre-pack insolvency process overseen by Interpath, an advisory firm engaged in October to explore options for the brand’s future.
Under the deal, Next will take over the Russell & Bromley brand, intellectual property, and three flagship stores in Chelsea, Mayfair, and the Bluewater Shopping Centre, operating them under license. The acquisition cost for the brand and intellectual property is £2.5 million, with an additional £1.3 million paid for existing stock. Approximately 40 employees are expected to transition to Next as part of the deal.
Andrew Bromley, a family member and the chief executive of Russell & Bromley, expressed the challenging decision to sell the brand as a strategic move to ensure its future success. He extended gratitude to staff, suppliers, partners, and customers for their ongoing support.
While the transaction does not include all Russell & Bromley stores and concessions, the administrators are exploring various options for their future. Interpath’s UK chief executive, Will Wright, emphasized the brand’s rich history and commitment to quality craftsmanship, affirming the intent to sustain the remaining stores while evaluating available alternatives.
Next highlighted its commitment to preserving the legacy of the beloved British footwear brand, aiming to provide operational stability and expertise for Russell & Bromley’s continued success in offering premium footwear and accessories for years to come.