UK Retailer Next and Hedge Fund Acquire JoJo Maman Bébé
High street company Next and a group of investment firms purchased the baby and maternity retailer JoJo Maman Bébé. As part of the deal, Next purchased 44 percent of the retailer, while the hedge fund Davidson Kempner Capital Management will control the remaining 56 percent. Founder Laura Tenison will leave the business, according to The Guardian. Other terms of the deal were not reported.
JoJo Maman Bébé, a brand with 87 stores, first attracted attention when Catherine, the Duchess of Cambridge began wearing the brand and dressing her children in it. As of March, Next cut its profit expectations for the year by 10 million pounds, citing concerns over the war in Ukraine and inflation.
Next to Run Gap Brand in Britain’s Retail Shake-up
British clothing retailer Next has struck a deal with Gap, to run the US brand’s business in the UK and Ireland, bolstering its market reach after showing its resilience during the Covid-19 pandemic.