Will Adderley, son of the founder of Dunelm, has increased his stake in mid-market retailer French Connection. According to The Times, Adderley believes he can profit from the British fashion chain and feels the brand is undervalued.
WA Capital, the investment vehicle of Adderley, who is CEO of the home furnishings group, has increased its stake in French Connection from 5% to about 7% through a series of transactions this week.
WA Capital, which first invested in the group in January, has spent a total of about £3m buying shares in French Connection. The British high street brand has been consistently disappointing with trading results, recently revealing an increase in losses to £4.7m.