Fashion etailer Brand Alley has completed a management buyout backed by private investors from joint venture partners News International and Brand Alley France.
The etailer, which was already part-owned by News International, has appointed former head of technology, media and telecommunications investment banking at Investec Bruce MacInnes as chairman.
Brand Alley said its business model and management team, led by chief executive Rob Feldmann, will remain the same, focusing on developing its lifestyle offering of fashion, beauty and homewares offer.
It will focus on improving its relationships with brands, enhance its customer service and optimise the performance of its mobile and social network services.
Brand Alley UK generated over 15% of its revenue from its mobile site last year and attracted 70,000 new customers to the site. In the year to December 31 2011, the etailer reported sales rose 60% to £28.9m.
Feldmann said: “As we set out on a new path as an independent company, we will look to build upon our success to date and continue to offer our members the best brands at fantastic prices.
“We are delighted to have the expertise of Bruce MacInnes as chairman as we move into the next phase of our development. These are exciting times for everyone involved with Brand Alley UK.”
He added that Brand Alley is “committed to building a first class, multichannel platform and expanding our database of wealthy, savvy shoppers”.
Media and technology focused corporate finance advisory firm Clarity acted as financial advisor and Taylor Wessing acted as legal advisor to News International and Brand Alley France.