Ted Baker agrees £211 million sale to Authentic Brands Group
Fashion retailer Ted Baker has agreed to a takeover by Reebok owner Authentic Brands Group in a £211 million deal.
In a statement, the US company said it believed it will be a good custodian of the Ted Baker brand and will be well positioned to accelerate its growth, particularly in North America.
The group currently owns a 50% stake in SPARC Group which operates around 1,660 stores in US and has substantial ecommerce and wholesale operations. As a result, ABG may consider entering into formal discussions regarding the combination of Ted Baker operations in North America with those of SPARC.
On completion of the acquisition, ABG is planning to separate the Ted Baker business into an intellectual property holding company and one or more operating companies. The latter would manage the physical retail, ecommerce and wholesale operations of the Ted Baker business. The group will also explore options to transfer full or partial ownership and control of some or all of the operating companies to partners with established operating businesses.
Helena Feltham, interim chair of Ted Baker said: “In April 2022, after receiving a number of unsolicited bid proposals and having consulted with our major shareholders, the Ted Baker Board decided to launch a formal sale process to evaluate interest in the business. The process was thorough and attracted global interest.
“The Ted Baker board believes that ABG will be a strong and supportive owner of the business. We are confident that with ABG’s experience, reach and investment, the Ted Baker brand will be capable of achieving its long-term global potential.”
Jamie Salter, founder, chairman and chief executive of ABG, added: “Ted Baker is a highly regarded, uniquely British brand whose strong fashion credibility resonates with consumers around the world. We are excited to build on the brand’s global foundation through a business model focused on licensing, wholesale, retail, digital and strategic marketing partnerships. Under ABG’s ownership, we believe that Ted Baker is poised for continued growth and success.”
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