Liberty of London: Sold for £32 Million

[farou7a]

Private equity firm BlueGem Capital has bought British company Liberty for £32 million, or $48 million (at the current exchange rate). The public company will now delist from the London Stock Exchange.

Over the last few years, the famed retailer has aimed to re-invigorate a once-staid image with gazillions of fantastic collaborations, including those with Manolo Blahnik, Nike, and most prominently, Target.

Over the last year, the company’s financial state has drastically improved. In 2009, it turned a profit, due to an increase in sales as well as the relinquishment of its flagship store in London for $56 million. (It’s now on a 56-year-lease issued by the buyers.)

What’s BlueGem’s goal? Well, like any private equity firm, it’s to sell in a few years for double the money–hopefully more. It’s quite possible Liberty will delist for a few years and then hop back on the stock market.

fashionista.com

 

[blackkohl]

Ooh er! As long as they stick to Liberty's uniquely British ways, then I don't think this is really bad news.

This is from Vogue.co.uk:

NEW Liberty owner BlueGem Capital today completed its purchase of the store's entire share capital. The London-based investment company has also announced which areas of the store they intend to expand - namely the Liberty art fabrics area.

"We are thrilled to support the Liberty team in continuing to revive this utterly unique British brand," said Marco Capello, BlueGem's managing partner. "Liberty has always been a beacon for cutting-edge artists and designers and an enticing emporium for customers. We believe it is a national treasure - one that we intend to nurture and grow."

Capello also plans to introduce a unique watch collection to the soon-to-be expanded Jewellery Room. Liberty will continue to support new designer talent through its creative talent hunt, Open Call, which is due to be broadcast in September. In July and August the store will launch new brands such as Phillip Lim, Alexander Wang and Armani.

"Liberty will continue to focus on reinvigorating its historical strengths such as scarves, fabrics and homewares whilst being committed to offering customers an expertly edited selection of the world's best burgeoning and established designers," said Liberty director Ed Burstell. "This commitment stretches across all areas of fashion, design and beauty - items you really won't find anywhere else."

 

[farou7a]

Yes I agree. I thought it was good news unlike Harrods' sale.. :/