New Radley owner unveils plans for British handbag maker

Gordon Brothers snapped up Radley’s branding and intellectual property on Tuesday (May 26) in a pre-pack deal that will result in 342 job losses.

The investment firm, which also owns LK Bennett and Poundland, said it will pursue an asset-light model to “unlock the full potential of the brand”.

Gordon Brothers head of brands Tobias Nanda said: “We are thrilled to add another British icon to our global portfolio of brands.

“Our goal is to invest in Radley and support the company’s next phase of development, expanding the brand’s footprint in the US, UK, Australia and Asia so future generations can experience the best of British craftsmanship.”

The firm said it also plans to extend Radley’s product categories beyond handbags, watches, jewellery, eyewear and beauty gifting.

Gordon Brothers head of brand operations and senior managing director Carolyn D’Angelo added: “We are honoured to be the brand stewards for this modern British brand and look forward to bringing Radley to a wider consumer audience, with new territories, product categories and retail distribution channels.”

Radley’s operating business did not form part of the transaction and 42 jobs were made redundant with immediate effect.

Administrators at FTI Consulting said the business will continue to trade from its two stores and 19 concessions in the coming weeks to wind down the brand’s stock.

The brand, which employs 342 people, brought in advisers from FTI earlier this year to explore strategic options for the business.

Administrators said Radley experienced “a sustained period of challenging economic conditions for the retail environment, including declining customer demand and increasing operating costs, all of which have had a negative impact on trading”.