Internet and catalogue home shopping company N Brown has bought the entire share capital of online lingerie boutique Figleaves for £11.5m. The shopping destination for lingerie, underwear and swimwear is forecasted to generate turnover a of
£23m for the year to June 2010.
With the acquisition, N Brown expands its brand portfolio to appeal to a younger and more premium demographic group. The company believes there are significant opportunities to generate both sales and profit growth through managing the business as part of a broader portfolio of brands. The existing management team will stay on to create an integration plan and activity to grow the business, and utilise the benefits of N Brown’s scale and identifying cross-selling opportunities from its other retail ranges.
Figleaves has over 1.2 million customers visiting the website each month and the business delivers to over 100 countries, including the USA. Set up in 1998, the company offers its customers a wide range of lingerie and underwear brands with over 100 brands in sizes ranging from AA to K cup and 28”-56” back size. The acquisition of figleaves.com will consolidate N Brown’s position as the UK’s number one online lingerie retailer (Source: Kantar Worldpanel).