Cath Kidston Group has been acquired by Asian private equity company Baring Asia and its chairman is to step down.
The lifestyle brand has attained new ownership after its previous majority stakeholder TA Associates sold its shares to Baring Asia, who have now become the controlling majority stakeholders.
Paul Mason, who has been chairman of the group for six years, is to step down following the acquisition.
He will be replaced by a senior advisor to Baring Asia and former chief executive of Gucci Wiliam Flanz.
This comes as the brand continues expansion into the Asian market.
With 70 per cent of its outlets located outside of the UK, Asia has been a key focus for the group in recent years.
Its stores in the region have gone from 91 to 131 since 2014, when Baring Asia first invested in the company.
The group was reportedly attracted to the group due to their expertise in the region, and its role as one of the most established private equity firms across Asia.
It now has plans to open in India in Delhi and Mumbai this autumn.
“We are delighted to begin a new chapter with Cath Kidston by acquiring a controlling stake in the business,” Cath Kidston’s incoming chairman William Flanz said.
“Paul and TA Associates have provided great support to the company over the years.
“Their input has been very valuable and we have truly enjoyed the partnership since our initial investment, but are now looking forward to driving the company forward as the majority owner.
“We believe the Cath Kidston brand and business have great potential to grow across the globe, and are committed to delivering on that potential and securing the longer-term success of the company.”