Dune founder and chair Daniel Rubin is on the hunt for new investors for the footwear retailer and has appointed KPMG to run the process.

Exterior of Dune Bristol store

Dune plans to open 25 new stores in the UK over the next three years

Dune has hired the accounting organisation to evaluate its investor options amid “exciting growth opportunities” for the business.

The retailer confirmed its plans to open 25 new stores in the UK over the next three years, as well as “continuing to invest in its digital capability to further strengthen its successful omnichannel model”.

The appointment of KPMG follows reports of Dune’s financial results for the year to January 2023 as it posted turnover of £139m as well as EBITDA of £10.1m.

Dune attributed its strong financial performance to “an impressive recovery from the pandemic, during which the company made significant changes to its business model”.

The changes included a reduction in its department store concessions, a restructure of its store portfolio and the expansion of both its international and online operations.

Dune’s international franchise store estate now stands at a total of 131 alongside its 48 European stores and concessions.

The retailer said its international operations account for 35% of its total sales currently. It forecasts that by 2026 they will account for 50%.

Rubin said: “Having spent 47 years in the footwear industry, the time is right to realise the investment I have made in Dune.

“The business is strong with a first-class management team and exciting growth opportunities, both in the UK and internationally.

“I have always had a passion for the product and I am fortunate that this passion is shared by the Dune team. Designing and producing beautiful shoes and accessories is a key ingredient to the brand’s success.” 

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