The British fashion brand, LK Bennett, has officially been acquired by a Chinese company, Byland, marking the latest in a series of well-known names in the fashion industry being taken over by Chinese entities. This acquisition was completed by Byland UK, a company specifically established for this purpose and overseen by Rebecca Feng, who also manages LK Bennett’s Chinese franchises.
While specific financial details of the deal have not been revealed, Byland has confirmed that LK Bennett’s head office, website, concessions, and a majority of stores will continue operating post-acquisition. Regrettably, some stores are slated for immediate closure, resulting in unavoidable staff layoffs. The affected locations include various sites in major cities like London, Bath, Belfast, Glasgow, and Birmingham.
Byland has promised to honor all gift cards, refunds, and existing orders, highlighting the significance of maintaining customer loyalty during this transition. This commitment underscores the importance of preserving the brand’s reputation, especially in light of previous instances where failed administrations have tarnished brand image.
In addition to preserving the brand’s presence in the UK, Byland foresees significant potential for expansion into international markets. Rebecca Feng believes that LK Bennett has yet to tap into the opportunities available in foreign markets and expressed confidence in the brand’s high-quality reputation. Moving forward, the plan includes a blend of British design and leveraging the current supply chain to uphold LK Bennett’s rich heritage.
Of note, the agreement also welcomes back LK Bennett’s former CEO and finance chief, Darren Topp and Andrew Ellis, who will lend operational and financial expertise to ensure the brand’s success under new ownership. While details regarding the brand’s operations in Europe and the US are still unclear, the emphasis on international expansion suggests promising growth prospects, particularly in regions like Asia, where British labels are highly coveted.
In summary, the acquisition of LK Bennett by a Chinese company signifies a fresh beginning for the brand, presenting opportunities for expansion while retaining its heritage and exploring new markets. Byland’s strategic approach and the involvement of former executives indicate a strong dedication to propelling the brand forward amidst the ever-evolving fashion landscape.
For more information on this acquisition, you can visit Retail Gazette and Financial Times.
