- Vivian Hendriksz |
London - Linda Bennett, the founder of premium womenswear retailer LK Bennett, has bought the business back from its private equity partners. Bennett acquired the remaining equity in LK Bennett from Phoenix Equity Partners for an undisclosed sum earlier this week, in a move that sees the fashion retailer come full circle.
Bennett first founded LK Bennet in 1990, opening its first store in Wimbledon. The brand quickly grew into an international chain and Bennett sold the business to Phoenix Equity Partners and Sirius Equity in 2008 for an estimated 80 to 100 million pounds. She retained a stake in LK Bennett and remained on the company board following the sale. Then in May this year she rejoined the company management team as consultant.
"Working closely with the L.K.Bennett team over the past few months has given me a real sense of excitement and confidence in the potential of the brand," said Linda Bennett in a statement. "We want to focus on making beautiful clothing and footwear for women of all ages. I’m thrilled to be back in the business." LK Bennett's CEO, Darrenn Topp, said he and the management team were "delighted" with the move, which underlines Bennett's "continued commitment to the business."
"As the founder of this wonderful brand 27 years ago, Linda is exceptionally well placed to support its continued growth," he added. "Linda has been working with the team since April of this year improving the product, growing the business and supporting the changes we began to make when I joined the company last year. We look forward to accelerating that change in the future to ensure the brand’s continued success in today's retail environment."
Photo: Courtesy of LK Bennett