In a move that further bolsters its portfolio, British high street giant Next has announced plans to acquire the fashion and lifestyle brand Cath Kidston for £ 8.5 million.
The deal includes the brand name, domain names, and intellectual property of CK Acquisitions Ltd, and the cathkidston.com domain will be licensed back to administrators for a period of up to 12 weeks to effect stock clearance before relaunching under Next’s ownership.
However, around 125 jobs are at risk as PricewaterhouseCoopers looks to sell the remaining stock before closing Cath Kidston’s four stores in London, Ashford, Cheshire Oaks, and York.
This acquisition follows Next’s recent acquisitions of troubled rivals, Made.com and Joules, and marks Cath Kidston’s latest attempt to reposition itself as a digital-first business after facing difficulties due to the pandemic and the rise of online competitors.
