Amidst all struggles, the collapsed fashion retailer Arcadia Group has sold its Evans brand to an Australian clothing firm City Chic Collective.
The £23 million deal will result in the permanent closure of Evan’s 5 standalone stores.
While the closure of stores would result in job losses, what’s more worrying is that if the concessions too close down, many more jobs will be at stake.
The collapse of Arcadia was one of the biggest talking points in November and now with the sale of the plus size brand, this could just be the beginning of the breaking up of the Group.
Reportedly, City Chic Collective plans to run Evans as digital-only brand. Here it is important to note that Evans had recorded digital (and wholesale) sales of £26 million last year.
The Australian clothing retailer has said that the intent to acquire Evans was to extend the former’s portfolio of plus-size labels into Europe. City Chic Collective also operates in the US, besides Australia and New Zealand.
Evans is not new to City Chic Collective as the former has been selling all of City Chic products through its website since last 5 years.
Meanwhile, several retail bigwigs, including Next and Frasers Group, are showing interest in taking over other brands of Arcadia.
Also Read: Next in talks to takeover Arcadia