Alshaya rescues lingerie chain La Senza

Middle Eastern retail group, Alshaya has this week announced that it has reached an agreement to take control of the ongoing La Senza business in the UK, saving 60 of La Senza’s 146 UK stores. Under the agreement with KPMG, the

administrators to La Senza UK, Alshaya UK Limited, which is part of the Alshaya group of companies, has acquired the exclusive franchise rights for the La Senza brand in the UK, securing around 1,100 jobs.

The Kuwait-based retail group already operates three La Senza stores in Russia on a franchise basis and works closely with Limited Brands, the US-based owners of the La Senza brand. The two companies stated in the release that they will work together closely on ‘delivering an enhanced La Senza customer experience’ in the UK.

Alshaya also announced plans to introduce new product collections and store redesigns to the business, representing an investment of around £100m in the UK retail sector over the next two years.

This acquisition further deepens Alshaya's long-standing links with the UK, the group is the international franchise partner for a number of British retail brands including Mothercare, Debenhams, Boots, Next, River Island, Topshop, Miss Selfridge and The Body Shop. In all, Alshaya operates more than 55 international brands in 19 countries, employing over 22,000 people in its 2,000 plus stores.

Mohammed Alshaya, Executive Chairman of Alshaya Group in Kuwait, said: "We are delighted to have reached an agreement to buy these La Senza stores - saving jobs, protecting a great brand for consumers and strengthening our UK presence and links. This is a strategic investment for us and a positive addition to our extensive international retail portfolio. Today’s announcement represents a first step in a long-term commitment to developing the La Senza UK business, which we believe has great potential."

Martin Waters, President of Limited Brands International, added: “We are very pleased that Alshaya will be operating the UK franchise of La Senza, one of the world's leading lingerie brands. We believe Alshaya is well placed to deliver a much improved customer experience to British consumers, in line with the La Senza brand proposition that is so successful elsewhere in the world.”

Image: La Senza