THE husband and wife founders of fashion label Lipsy were £3.5 million richer yesterday after being bought out by retail giant Next.
Jeremy and Marcelle Stakol, who own 25 per cent of the business, have sold up along with their private equity backers in a deal worth £17.4m.
The brand is aimed at younger women and counts Prince William's girlfriend, Kate Middleton, and TV presen
ters Holly Willoughby and Alexa Cheung among its fans.
Next has bought the share capital of the company for £14m, while also paying off £3.4m worth of loans. Other undisclosed payments could follow depending on performance. Lipsy's existing management team, led by Jeremy Stakol, will stay on and run the business.
Next said there were no plans to market the brand through its own stores, but the group will use its capital and expertise to help "accelerate" its development into a leading younger women's brand.
Lipsy was founded six years ago, and now has annual turnover of £20m. Its clothes are sold through several major retailers including Top Shop, House of Fraser and Selfridges, as well as the internet. The company is due to open its first store at Brent Cross shopping centre in North London next month, and reportedly had plans for as many as 25 sites across the UK.
Jeremy Stakol said: "The prospect of working with one of the UK's leading fashion retailers to accelerate the development of Lipsy is exciting."
The full article contains 249 words and appears in The Scotsman newspaper.
