Beloved high street retailer worn by Princess Kate sold to Next in £600,000 deal after falling into administration
Next has bought maternity fashion brand Seraphine, famously worn by Princess Kate during her pregnancies, after it collapsed into administration earlier this month. The high street chain paid £600,000 for the company’s intellectual property, saving the brand name from disappearing completely.Seraphine went under at the start of July after struggling to find a buyer, resulting in 95 staff losing their jobs. Insolvency firm Interpath was appointed as administrator on July 7 to handle the collapse.Next says it plans to relaunch the brand and focus on its core appeal: stylish and practical clothing for pregnant women and new mums around the world.As part of the rescue arrangement, Seraphine's original founder Cecile Reinaud will rejoin the company in an advisory capacity.The brand rose to fame after the Princess of Wales was photographed wearing its designs during all three of her pregnancies, including in the first official family photo with Prince George. She was wearing a fuchsia dress with a knot detail at the waist.In 2020, Princess Eugenie was photographed carrying a large purple bag from the store as she walked down Kensington High Street, suggesting she just made a major investment in her maternity wardrobe at the time.Reinaud established the business in 2002 before selling it to private equity firm Mayfair for £50million in December 2020.Following the brand's downfall, she expressed being "heartbroken" and criticised the owners for "wiping out in four years, the work of 20 years". Speaking about the Next takeover, Reinaud stated: "This new ownership feels like a good fit and I believe Seraphine will thrive again. I'm excited to be part of this new chapter."Will Wright from Interpath, who handled the administration proceedings alongside Chris Pole, commented: "We are pleased to have concluded this transaction which preserves the Seraphine brand and wish the team at Next all the very best for the future."At its peak, Seraphine ran ten stores worldwide, including flagship locations in New York, Paris and London’s Kensington High Street. The company floated on the London Stock Exchange in 2021 with a £150million valuation, but just two years later, it returned to private ownership after its value collapsed to just £15.3million.Reinaud, who stepped down in 2021, later criticised how the brand was run. She opposed moves to strip away Seraphine’s British identity and signature purple branding, claiming the shift toward Scandinavian-style aesthetics damaged its appeal.The deal comes as Next posts strong trading results, with full-price sales up 10.5 per cent in the second quarter to July 26.Next reported a 10.9 per cent rise in sales over the first half of the year, with UK sales jumping 7.8 per cent in the second quarter. The retailer credited the growth to good weather and problems faced by one of its major competitors.That disruption is understood to relate to cyber attacks that hit Marks & Spencer earlier this year, causing issues with its operations.Next has built a strong track record of snapping up struggling fashion brands. The Seraphine deal is the latest in a growing list of high street names the retailer has rescued from collapse.
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Next has bought maternity fashion brand Seraphine, famously worn by Princess Kate during her pregnancies, after it collapsed into administration earlier this month.
The high street chain paid £600,000 for the company’s intellectual property, saving the brand name from disappearing completely.
Seraphine went under at the start of July after struggling to find a buyer, resulting in 95 staff losing their jobs. Insolvency firm Interpath was appointed as administrator on July 7 to handle the collapse.
Next says it plans to relaunch the brand and focus on its core appeal: stylish and practical clothing for pregnant women and new mums around the world.
As part of the rescue arrangement, Seraphine's original founder Cecile Reinaud will rejoin the company in an advisory capacity.
The brand rose to fame after the Princess of Wales was photographed wearing its designs during all three of her pregnancies, including in the first official family photo with Prince George. She was wearing a fuchsia dress with a knot detail at the waist.
In 2020, Princess Eugenie was photographed carrying a large purple bag from the store as she walked down Kensington High Street, suggesting she just made a major investment in her maternity wardrobe at the time.
Reinaud established the business in 2002 before selling it to private equity firm Mayfair for £50million in December 2020.
Following the brand's downfall, she expressed being "heartbroken" and criticised the owners for "wiping out in four years, the work of 20 years".
Speaking about the Next takeover, Reinaud stated: "This new ownership feels like a good fit and I believe Seraphine will thrive again. I'm excited to be part of this new chapter."
Will Wright from Interpath, who handled the administration proceedings alongside Chris Pole, commented: "We are pleased to have concluded this transaction which preserves the Seraphine brand and wish the team at Next all the very best for the future."
At its peak, Seraphine ran ten stores worldwide, including flagship locations in New York, Paris and London’s Kensington High Street.
The company floated on the London Stock Exchange in 2021 with a £150million valuation, but just two years later, it returned to private ownership after its value collapsed to just £15.3million.
Reinaud, who stepped down in 2021, later criticised how the brand was run. She opposed moves to strip away Seraphine’s British identity and signature purple branding, claiming the shift toward Scandinavian-style aesthetics damaged its appeal.
The deal comes as Next posts strong trading results, with full-price sales up 10.5 per cent in the second quarter to July 26.
Next reported a 10.9 per cent rise in sales over the first half of the year, with UK sales jumping 7.8 per cent in the second quarter. The retailer credited the growth to good weather and problems faced by one of its major competitors.
That disruption is understood to relate to cyber attacks that hit Marks & Spencer earlier this year, causing issues with its operations.
Next has built a strong track record of snapping up struggling fashion brands. The Seraphine deal is the latest in a growing list of high street names the retailer has rescued from collapse.
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