A renowned British shoe brand, Russell & Bromley, faces an uncertain future following its recent acquisition by fashion giant Next. While Next has acquired the brand name and certain assets, the deal excludes the 33 existing stores and nine concessions in the UK and Ireland, employing approximately 400 individuals.
Established in 1879 in Eastbourne, East Sussex, Russell & Bromley has a long-standing history as a British brand. However, the company has struggled in a competitive market, experiencing declining sales and widening losses.
The acquisition by Next was facilitated through a pre-pack insolvency process overseen by Interpath, a consulting firm appointed to explore strategic options. As part of the deal, Next will take over the Russell & Bromley brand, intellectual property rights, and three stores in Chelsea, Mayfair, and the Bluewater Shopping Centre under a licensing arrangement. The transaction involves a £2.5 million sale of the brand name and intellectual property, with Next also paying £1.3 million for existing stock. Additionally, around 40 employees will transition to Next.
Andrew Bromley, a family member and chief executive, expressed that the decision to sell the brand was made after a thorough strategic review with external advisors. He emphasized that this move was essential to ensure the brand’s future, thanking staff, suppliers, partners, and customers for their longstanding support.
While the 33 stores and nine concessions are not part of the recent transaction, they will remain operational as joint administrators explore various options for their future. Interpath’s UK chief executive, Will Wright, highlighted the brand’s rich history and commitment to quality craftsmanship, expressing satisfaction in concluding the transaction to preserve the brand’s legacy.
Next affirmed its commitment to securing the future of the beloved British footwear brand, aiming to build on its heritage and provide operational stability to support Russell & Bromley’s next chapter. The focus remains on delivering premium footwear and accessories for years to come, aligned with the brand’s core mission.