British footwear label Hunter Boot is reportedly looking into potentially securing new capital nearly three years after it was rescued in light of declining sales.
The brand is said to be working with AlixPartners on plans to inject the new funding through an accelerated sale process, according to a report by Sky News.
The amount being sought as part of the process and any possible alternative outcomes were not yet clear, the media outlet noted.
Founded in 1856, Hunter established itself a quintessential British brand, securing two royal warrants and gaining favour among festival-goers and celebrities, such as Kate Moss.
In 2020, amid a period of poor trading due to the covid-19 pandemic, the company was saved via a 16.5 million pound capital injection, part of which came from its existing shareholder Pall Mall Legacy.
The firm owns the majority of Hunter’s shares, alongside Searchlight Capital Partners and sportswear conglomerate Pentland Group.
While diversifying into a broader range of lifestyle products beyond its signature Wellington boots, the brand had been impacted by the cancellation of festivals like Glastonbury, as well as the pandemic.
However, a source close to the business told Sky News that Hunter was seeing sales in China double each year, with other areas of Asia also reporting strong growth.