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Nicole Farhi saved from administration Nicole Farhi saved from administration
(2 months later)
The upmarket British fashion label Nicole Farhi has been saved from administration after being bought by Maxine Hargreaves-Adams, the daughter of Matalan founder John Hargreaves.The upmarket British fashion label Nicole Farhi has been saved from administration after being bought by Maxine Hargreaves-Adams, the daughter of Matalan founder John Hargreaves.
The sale includes all six stores, nine concessions in the UK and Ireland, and the wholesale and online parts of the business, safeguarding around 140 jobs in the UK. Financial details of the deal were not disclosed.The sale includes all six stores, nine concessions in the UK and Ireland, and the wholesale and online parts of the business, safeguarding around 140 jobs in the UK. Financial details of the deal were not disclosed.
Hargreaves-Adams, who was for a time head of womenswear at Matalan, also bought British womenswear label Fenn Wright Manson out of administration last year and last month invested jointly with her father in another British brand, Damsel in a Dress.Hargreaves-Adams, who was for a time head of womenswear at Matalan, also bought British womenswear label Fenn Wright Manson out of administration last year and last month invested jointly with her father in another British brand, Damsel in a Dress.
Nicole Farhi was founded in 1982 by Nicole Farhi and her former husband, the French Connection boss Stephen Marks. It collapsed into administration this month, with administrators at Zolfo Cooper saying the decline in high street spending coupled with rising costs had led to "increased financial pressures on the business".Nicole Farhi was founded in 1982 by Nicole Farhi and her former husband, the French Connection boss Stephen Marks. It collapsed into administration this month, with administrators at Zolfo Cooper saying the decline in high street spending coupled with rising costs had led to "increased financial pressures on the business".
They also said the label had been caught between polarising demand for either high-level luxury or cheap high street brands such as Primark.They also said the label had been caught between polarising demand for either high-level luxury or cheap high street brands such as Primark.
Hargreaves-Adams described Nicole Farhi as "an iconic and much-loved British brand". A spokeswoman said Hargreaves-Adams was "very much interested in backing British brands and sees potential in Nicole Farhi". She added that the focus would be on quality and standards and taking it back to its origins in British luxury.Hargreaves-Adams described Nicole Farhi as "an iconic and much-loved British brand". A spokeswoman said Hargreaves-Adams was "very much interested in backing British brands and sees potential in Nicole Farhi". She added that the focus would be on quality and standards and taking it back to its origins in British luxury.
She highlighted the investment that Hargreaves-Adams had made in Fenn Wright Manson, with three new stores opening since she bought the brand.She highlighted the investment that Hargreaves-Adams had made in Fenn Wright Manson, with three new stores opening since she bought the brand.
Peter Saville, a partner at Zolfo Cooper – which also sold Fenn Wright Manson to Hargreaves-Adams – said the deal preserved "a well-known retail brand" in Nicole Farhi, which had attracted interest from more than 50 parties and around 10 serious bidders.Peter Saville, a partner at Zolfo Cooper – which also sold Fenn Wright Manson to Hargreaves-Adams – said the deal preserved "a well-known retail brand" in Nicole Farhi, which had attracted interest from more than 50 parties and around 10 serious bidders.
"The reason we had so much interest was the perception that it is a high-end brand and it is difficult to build that. The challenge is you have to have the range to match it.""The reason we had so much interest was the perception that it is a high-end brand and it is difficult to build that. The challenge is you have to have the range to match it."
He added it would be important for the label to get the next couple of ranges right and to make sure customers felt they were getting value for money in terms of quality.He added it would be important for the label to get the next couple of ranges right and to make sure customers felt they were getting value for money in terms of quality.
The company had revenues of £11.8m but made an operating loss of £2.3m for the year to January 2011, according to the latest available accounts at Companies House.The company had revenues of £11.8m but made an operating loss of £2.3m for the year to January 2011, according to the latest available accounts at Companies House.
French Connection sold the brand in 2010 for £5m. The company subsequently had two separate private equity owners. Kelso Place Asset Management promised to invest more than £15m in the business when it took over in January last year.French Connection sold the brand in 2010 for £5m. The company subsequently had two separate private equity owners. Kelso Place Asset Management promised to invest more than £15m in the business when it took over in January last year.
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