11 October 2023 , 13:20
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Next, the FTSE 100 clothing firm, is reportedly on the verge of finalising a deal to acquire high street rival Fat Face for an estimated £100 million, according to Sky News. Both Next and Fat Face have declined to comment on the matter.
The potential acquisition comes three years after Fat Face was taken over by its lenders. The retail business, which operates approximately 180 UK shops, had reportedly hired investment bankers last year to facilitate a sale.
This would be the latest in a series of acquisitions by Next, following their purchases of Made.com, Joules, and Cath Kidston since last year. Earlier this year, Next also increased its stake in Reiss, becoming the majority shareholder.
Last month, Next raised its profit guidance for the third time this year, following a sales boost due to warm weather and increasing wages. The company reported a better-than-expected 5.4% increase in total sales over the six months to July, compared with the same period last year, and a 3.2% increase in sales of its brands at full price.
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