Next confirms takeover of Fatface in £115m deal

Image source, Getty Images

British retail giant Next has announced it will buy clothing brand Fatface for £115m.

The company said that Fatface will continue to be run by its own management and keep its "creative independence".

Fatface has 180 UK shops and will retain its base in Hampshire.

It marks the latest High Street buy for Next, which has snapped up Cath Kidston and Joules in the last year.

In 2022, it also bought furniture brand Made.com.

Fatface was taken over by a consortium of lenders in 2020 when shops were struggling during the Covid pandemic and Next has sold its clothes online since 2016.

As well as taking over companies, Next has been buying stakes in other retailers such JoJo Maman Bébé and Reiss to expand its ecommerce business where it sells a number of clothing brands. Firms pay Next to use its online logistics and operations.

Fatface chief executive Will Crumbie, who will continue to lead the company, said the deal marked "an important next step in Fatface's journey".

"Having worked together for some time as a commercial partner, Next has recognised the strong foundations, and importantly, future potential for Fatface," he said.

Last year, it was reported that Fatface had hired investment bank, Rothschild, to find a buyer for the business.

In the 12 months to 27 May, Fatface reported pre-tax profits of £19.5m on sales up 15% at £282m.