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Joules sells minority stake to LDC

By FashionUnited

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Fashion

Premium fashion and lifestyle brand Joules has sold a minority stake to Lloyds Banking Group's private equity arm LDC for 22 million pounds to support the future growth of the company. In a statement, the British brand states that the investment

will help the company increase the pace of its growth plans by opening new stores, expanding its product categories and increase its e-commerce activity overseas.

The brand
known for its authentic country heritage has a current annual turnover approaching 90 million pounds, and sells womenswear, menswear, childrenswear and recently expanded into babywear alongside a variety of accessories and homeware. The retailer operates a multi-channel model and has a successful direct and wholesale business, more than 60 standalone stores, and is stocked in department stores including John Lewis, Selfridges and Harrods.

Founded in 1990, the retailer has experienced significant growth in recent years in the UK, as well as internationally with the expansion of its e-commerce offerings in the US, Germany and Asia. The primarily fashion business has also expanded its product offering into new categories and gifting ranges including bed, bath, kitchen and garden.


LDC invest 22 million pounds in Joules

Following the investment, chief executive and founder Tom Joule will continue to lead the business alongside managing director Colin Porter, while LDC’s Andy Grove and John Garner will join the board with immediate effect.

LDC investment director Andy Grove said: “In Joules we are partnering with a high-quality management team in a business which embodies the unique style of British country heritage. Joules has delivered considerable sales and profit growth in recent years, despite what has been a very challenging climate for the retail industry and we will work closely with the team going forward to help them execute the next phase of the business’ growth and development.”

Joule added: “LDC’s investment brings additional strategic support and financial backing to our business and will help to increase the pace of our growth plans into new international and homewares markets whilst continuing to grow our loyal customer base.”


Joules
LDC
Lloyds Bank