Evans acquired by M&Co owner AK Retail
City Chic Collective has sold plus-size retailer Evans to M&Co owner AK Retail.
The £8 million deal also includes all inventory in the Australian fashion group’s EMEA business.
AK Retail has acquired the Evans brand, intellectual property and customer base.
City Chic said the sale will strengthen its balance sheet and accelerate a reduction in its debt facility.
Phil Ryan, chief executive and managing director of City Chic, said: “The focus of the strategic review has been on our online and international businesses to determine the most efficient way of returning to profitable growth. We have seen a significant deterioration in the EMEA market over the past two years which has hampered our ability to sell our expanded product range, compounded by global supply chain constraints.
“We are continuing with the rationalisation of our product offering, streamlining our supply chain and focusing on cost management. I am confident that we can return to a more agile operation that quickly responds to her changing needs and puts us in a much stronger position for when market conditions improve.”
The company has agreed with its 3PL provider to close its UK warehouse which also supports its European operations. As a result, its Navabi business will cease trading.
City Chic’s other brands include City Chic, Avenue, Evans, CCX, Hips & Curves, Fox & Royal.
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