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Shoe Studio expands with Rubicon acquisition
Principles: Rubicon chains acquired by Shoe Studio Group

Principles and Warehouse owner sold for £140m Rubicon, the fashion retail group which owns Principles and Warehouse, has been sold to Shoe Studio Group for £140m.

GENERAL MERCHANDISE

Shoe Studio expands with Rubicon acquisition

Principles and Warehouse owner sold for £140m Rubicon, the fashion retail group which owns Principles and Warehouse, has been sold to Shoe Studio Group for £140m.

The two former Arcadia brands were sold by 60 per cent owners Hilary Riva and Peter Davies, who took over the chains in a management buyout in the wa
ke of Philip Green's acquisition of Arcadia at the end of 2002.

shoestudio3.jpgShoe Studio Group operates footwear brands including Pied A Terre, Bertie, Roland Cartier and Chelsea Cobbler, as well as holding UK licences for the Nine West, Kenneth Cole New York and Easy Spirit shoe outlets.

Shoe Studio is 70 per cent owned by entrepreneur Donald McCarthy, and two fellow directors, with the remainder held by Icelandic retail group Baugur and its co-investor Kaupthing Bank.

The deal is Shoe Studio's first venture into fashion, while Baugur's growing interest in the UK retail clothing sector now includes Karen Millen, Coast, Whistles and Oasis. as well as its stake in Shoe Studio.

Shoe Studio said the deal would create one of the biggest privately-owned fashion houses in the UK, generating sales of 500m a year, with 177 standalone stores and 572 concessions. Adding Principles and Warehouse will allow it to expand, boost sales and cut costs.

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