Next paid £2.5 million for Russell & Bromley's brand and intellectual property, according to multiple reports. The deal includes only three of the chain's 36 stores: Bluewater, Chelsea, and Mayfair. Russell & Bromley has closed ten stores since collapsing into administration, with its Covent Garden store shutting today and its Bath and Harrogate stores closing this Thursday. The company, founded in 1880 by George Bromley and Elizabeth Russell in Eastbourne, currently employs more than 450 people and is run by Andrew Bromley.
Next said in a statement: "This acquisition secures the future of a much-loved British footwear brand. Next intends to build on this legacy and provide the operational stability and expertise to support Russell & Bromley's next chapter." Andrew Bromley, chief executive of Russell & Bromley, said: "Following a strategic review with external advisers, we have taken the difficult decision to sell the Russell & Bromley brand. This is the best route to secure the future for the brand."
This acquisition secures the future of a much-loved British footwear brand. Next intends to build on this legacy and provide the operational stability and expertise to support Russell & Bromley’s next chapter, allowing it to return to its core mission: the design and curation of world-class, premium footwear and accessories for many years to come.
Separately, Next is considering a takeover of British luxury handbag brand Radley, according to Sky News. Radley was founded in 1998 by Lowell Harder, and other interested parties include Gordon Brothers. Next has also taken a £15 million cost hit from the Iran conflict and warned it may need to hike prices if the situation continues. The company said sales are falling sharply across the Middle East, which accounts for around 6% of annual sales.
It remains unclear how many more Russell & Bromley stores will close or what will happen to the remaining stores not included in the Next deal. The timeline for the closure of all Russell & Bromley stores is also unknown.
Following a strategic review with external advisers, we have taken the difficult decision to sell the Russell & Bromley brand. This is the best route to secure the future for the brand, and we would like to thank our staff, suppliers, partners and customers for their support throughout our history.