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La Senza and American Apparel owner buys All Saints

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UK-based fashion retailer All Saints has been bought by private investment firms Lion Capital and Goode Partners, saving the business from demise.

Lion Capital, owner of fellow retail firms La Senza and American Apparel, announced today that itself and Goode Partners have reached a definitive agreement to take control of the company.

All Saints was owned by Icelandic banks Glitnir and Kaupthing after previous owner Baugur, an investment group of the same nationality, collapsed in 2009.

Chairman of the retailer Kevin Stanford, who co-founder Karen Millen with his then wife of the same name, is to stay on at the firm and is expected to maintain a 15 per cent share in the business.

Lyndon Lea, Partner of Lion Capital, said: “We are very excited to invest in a brand with such enormous international potential. All Saints, in our view, combines leading product and store design with an online presence well beyond many other retailers of its size.

“We look forward to partnering with Kevin and the management team to continue the success of the business.”

With 62 own-stores and 45 concessions across the UK, Europe and United States, All Saints has a considerable international presence and made revenues of over £200 million last year.

It expanded quickly from its first standalone launched in London in 1997 but had also amassed debts of around £53 million which the new owners will look to reduce.

Stanford said: “I’m pleased to have the support of two private equity firms, both of which are focused on the consumer sector, to put All Saints on a solid financial footing.

“This equity-funded capital structure will now enable the management team, led by Stephen Craig, to realise the full potential of All Saints, consistent with our vision.”

Published on Thursday 05 May by Editorial Assistant

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