LK Bennett sold to Chinese partner but 15 stores will close

Cornelia Mascio
Aprile 14, 2019

However, 15 stores were not included in the sale and will be closing, resulting in around 110 people losing their jobs.

The British premium fashion retail chain has been allegedly sold to a Chinese franchise partner. The deal safeguards around 325 jobs. The sale includes the company's headquarters, 21 stores, all of its concessions, and 325 employees, who will transfer across to the purchaser. The group's worldwide businesses were not part of the deal, but the trade journal Drapers, which first reported the rescue, said Feng is hoping to secure LK Bennett's stores in Europe and the U.S. in future.

LK Bennett, known for its upmarket day wear and shoes, hit the buffers last month as it was hit by the headwinds hurting United Kingdom retailers, including rising business rates and weak consumer confidence.

Ms Feng has worked on the deal with Darren Topp and Andrew Ellis, LK Bennett's former chief executive and finance director.

Retail tycoons Mike Ashley and Philip Day were both linked to the LK Bennett deal as potential new suitors.

Dan Hurd, a joint administrator, said: "With an established, luxury United Kingdom brand, the company received offers from a number of parties".

Before the administration, LK Bennett was owned by founder Linda Bennett, who had stepped back from the brand in 2008, but returned in 2017 as a consultant.

Dan Hurd, joint administrator, said: "With an established, luxury United Kingdom brand, the company received offers from a number of parties".

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