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Tag: Ben Sherman

  • Marquee Brands takes Ben Sherman to China

    Marquee Brands takes Ben Sherman to China

    A year after acquiring Ben Sherman, Marquee Brands has signed an agreement to have the British menswear brand distributed in China, Hong Kong, Macau and Taiwan.

    Its partnership with MRH SpaRotica Groupe encompasses both offline and online distribution, manufacturing and also the launch of a series of mono-branded Ben Sherman retail locations. Five shops will launch this year with at least 30 more planned. The first will be in Shanghai, opening by August, followed by Jiangsu, Hubei, Hunan and Sichuan.

    “Ben Sherman’s 50-plus years of British style and culture demonstrate the brand’s ability to stand the test of time,” says MRH president and CEO Richard Kisembo. “Our partnership with Marquee Brands is inspired by Ben Sherman’s iconoclast status among heritage brands. Heritage and culture continue to be a motivating factor in brands that have the ability to move generations at retail, a key factor to success in China.”

    Marquee Brands president Michael DeVirgilio says the demand for Ben Sherman is high in China where young consumers have become more global and sophisticated.

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  • Ben Sherman rescued by PE

    Ben Sherman rescued by PE

    Loss-making menswear retailer Ben Sherman has been bought by a private equity investor.

    US-based Marquee Brands has paid a mere £40.8 million for the business which it considers still has potential, despite its troubled state.

    “Ben Sherman remains a uniquely classic British brand with a loyal following across five continents and a smartness that’s ageless. Its heritage, style and authenticity fits perfectly within Marquee’s growing portfolio,” said Cory M. Baker, COO of Marquee Brands.

    “We are particularly excited about this transaction as Ben Sherman is consistent with our mission to acquire high quality brands with substantial global growth potential,” added Michael DeVirgilio, president of Marquee Brands in a statement.

    “The current management team under Oxford’s leadership has done a great job building on the core essence of the brand. We’ve received supportive messages from retailers across the globe that share our view of the growth opportunity ahead.”

    Ben Sherman, established back in 1963, is Marquee Brands’ second acquisition this year, after Italian luxury brand Bruno Magli.

    Marquee considers its recent acquisitions as building “a glowing portfolio of relevant, storied brands with rich history and a global footprint”.

    “Our plans to market and promote the brand across various lifestyle categories are well underway with new products and expanded retail coming to market as early as first quarter, 2016,” Marquee said in its statement.

    The brand has had a chequered history over the last 30 years. The last time it changed hands, after two successive management buyouts, was in 2004 when Atlanta-based Oxford Industries paid 3i and Irish PE investor Enterprise Equity about £80 million for the business.

    The brand made a failed foray into womens fashion and childrenswear in the 2000s, axed by Oxford in 2010.

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  • Arcadia Malaysia partner rules out expansion

    Arcadia Malaysia partner rules out expansion

    Wing Tai, the corporate retailer which partners with Uniqlo and a raft of other brands, including the Arcadia Malaysia stores, says it is streamlining its retail business.

    The listed company has 85 retail stores in Malaysia’s major cities under 12 international brands – Topshop, Topman, Dorothy Perkins, Miss Selfridge, Warehouse, Karen Millen, Pumpkin Patch, Wallies, BCBG, Ben Sherman, Burton and Furla. It also has a 45 per cent stake in the joint venture with Japan’s Fast Retailing, operating 25 Uniqlo stores.

    Wing Tai GM of finance Lee Kong Beng says while the Uniqlo store network, targeting the value driven fast fashion customers, will expand into suburban markets, the Arcadia brands like Topshop and Topman have reached their limits in Malaysia.

    “We will not expand (the Arcadia brands),” he told a press briefing this week.

    He said while there were no current plans to close Arcadia stores, if any store failed to generate positive cashflow or profit it would be cut.

    “For retail, we’d just consolidate because it’s challenging. So no point being a hero, where you open outlets and the sale is not there.”

    Lee said the company was finding the current retail market in Malaysia challenging following the introduction of GST on April 1, which consumers are slowly adjusting to.

    An influx of tourists was bolstering the group’s earnings, with spending holding up in stores in high profile shopping malls.

    “We expect retail sales to pick up because of the weakening of the ringgit, so it’s cheaper to shop in Malaysia rather than in Singapore. It’s a matter of time people get used to GST. We see that (retail sales) are more stabilised now,” Lee said.

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