Danish fashion group Bestseller is poised to partner with Republic founder Carl Brewins to attempt to buy the collapsed fashion chain, Retail Week takes a look at the business.
What is Bestseller?
Bestseller is a young fashion group which operates 11 brands including menswear retailer Jack & Jones, womenswear brand Vero Moda and teen retailer Outfitters Nation. It has 3,000 stores across 46 markets in Europe, the Middle East, Asia and Canada.
Who owns it?
The group is still privately owned. It was set up in 1975 by husband and wife team Troels Holch Povlsen and Merete Bech Povlsen and the family still own 100% of the business. Their son Anders Holch Povlsen is the current chief executive. The retailer says that its backbone is its “family feeling”. It says: “We help each other and have unlimited faith in our relatives.”
How is it fairing?
The retailer’s global sales increased 5% to €2.4bn (£2.1bn) in its year to July 31, 2012 however pre-tax profit plunged 48% to €161m (£139m).
Does it have a presence in the UK?
Yes. It has 45 stand-alone Jack & Jones stores, 13 Vero Moda’s, and one store each for young fashion chains Vila and Only. Despite its growing presence it is not yet a household name and has relied on wholesale to grow in the UK, in particular via Asos, in which it owns a 28%. It has long been mooted that Bestseller will stage a takeover bid for the online fashion retailer in which it has steadily been building up its share in.