Fears are mounting over the fate of numerous Russell & Bromley shoe stores following the brand’s recent sale. Next, a renowned fashion retailer, has acquired the brand name and certain assets, excluding its 33 stores and nine concessions in the UK and Ireland.
Established in 1879 in Eastbourne, East Sussex, Russell & Bromley has a strong British identity but has faced challenges in a competitive market with declining sales and increasing losses. The sale to Next was facilitated through a pre-pack insolvency process overseen by Interpath, which was appointed in October to explore solutions and support a five-year turnaround led by CEO Andrew Bromley, a family member.
Under the deal, Next will take over the Russell & Bromley brand, intellectual property, and three stores in Chelsea, Mayfair, and Bluewater Shopping Centre on a licensing basis. The transaction valued the company name and IP at £2.5 million, with Next paying £1.3 million for existing stock. Approximately 40 employees will transition to Next as part of the acquisition.
Andrew Bromley expressed that the decision to sell the brand was made after a strategic review with external advisors to ensure the brand’s future. The remaining 33 stores and nine concessions not included in the sale will continue operations while administrators assess potential options for their future.
Interpath’s UK CEO, Will Wright, highlighted Russell & Bromley’s long-standing reputation for style and quality craftsmanship, emphasizing the preservation of the brand’s legacy through the transaction. Next affirmed its commitment to upholding the brand’s heritage and enhancing operational support for its future endeavors in premium footwear and accessories.
The deal secures the future of the beloved British footwear brand, with Next aiming to sustain its legacy and uphold its commitment to excellence for years to come.