THE RETAIL BULLETIN - The home of retail news
Lest we forget
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
Interviews
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
French Connection sells Toast brand

French Connection has announced plans to sell its Toast fashion and homewares brand for £23.3 million.

FASHION

French Connection sells Toast brand

French Connection has announced plans to sell its Toast fashion and homewares brand for £23.3 million.

Along with Toast founders Jamie and Jessica Seaton, the fashion retailer is selling the brand to Bestseller.

French Connection owns 75% of the brand while the Seatons own 25% of the issued share capital of Toast.

The retailer said the disposal will enable the company to increase its focus on the French Connection brand in its core retail, wholesale and licensing businesses. The funds raised will be used to support French Connection’s continued turnaround and return to profitability.

The deal, which is subject to French Connection shareholder approval, is expected to complete by the end of this month.

In the year to 31 January, Toast generated £19 million of revenue compared with £16.7 million in the previous year. Meanwhile, pre-tax underlying operating profit was £1.5 million compared to a previous £1.1 million.

With headquarters in London, Toast sells its products online, through a network of twelve retail stores and via John Lewis.

Stephen Marks, chairman and chief executive of French Connection, said: "This is great news for Toast and its highly talented team. Toast is a very strong brand and I have no doubt that the team will continue to develop it further under Bestseller's ownership and Suzie's continued leadership.

“The price achieved for Toast reflects the strength of the brand and the business we have built behind it. French Connection will use the transaction proceeds to underpin its core business, allowing us to focus on our priority of returning to sustainable profitability and growth.

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
The HR Summit 2019
The HR Summit 2019
Tuesday 8 October 2019
The Cavendish Conference Centre, London W1
The 11th HR Summit 2019, The Cavendish Conference Centre, London W1, 8 October 2019
AI in Retail Conference 2019
AI in Retail Conference 2019
16 October 2019
Cavendish Conference Center, 22 Duchess Mews, London W1G 9DT
Retail marketing is changing pace rapidly by making communication across all platforms personalised, relevant, efficient, and helpful. AI not only helps shoppers find a perfect product but also pre-empts the shopping behaviour and speeds up payment.
Payment Roundtable 2019
Payment Roundtable 2019
6 February 2019
The Cavendish Conference Centre, 22 Duchess Mews, London W1G 9DT
The Retail Bulletin Payment Roundtable will raise debate and discussion centred on but not exclusive to improving the in-store payment process