Next edges closer to Russell & Bromley takeover

Next is reportedly getting closer to taking over footwear label Russell & Bromley. New reports have suggested that the British fashion giant has appointed clearance specialist Retail Realisation to form a deal for the ailing brand.

According to industry sources for Sky News, Next and Retail Realisation are forming a proposal for the Russell & Bromley brand, not including its store estate or stock.

The media outlet said Next is one of a number of interested parties being considered by the brand’s advisors at Interpath.

FashionUnited has contacted Retail Realisation with a request to comment. Next did not respond to Sky News’ request to comment.

Next is also speculated to be among bidders for LK Bennett, with the retailer said to be eyeing a “cut-price offer” for the brand and its intellectual property assets. The potential deals build on Next’s wider strategy of acquiring struggling retailers to bolster its own offering.

Both Russell & Bromley and LK Bennett have been undergoing respective turnaround plans in recent months, with the latter now on the cusp of an administration filing amid reports that it was due to launch a restructuring procedure.

Russell & Bromley, meanwhile, was seeking its own form of stability through external financing to accelerate a planned expansion plan, a report last year said.