Rubicon acquired to form private fashion house leviathan
Shoe Studio Group has acquired the entire share capital of Rubicon Retail, owner of Principles and Warehouse. The value of the transaction was£140 million.

Shoe Studio already controls a number of high-street brands, including Pied a Terre, Bertie, Roland Cartier, Chelsea Cobbler and Roberto Vianni. The retailer said the combined group would create one of the UK's largest privately owned fashion houses. The enlarged Shoe Studio Group is now worth approximately£500 million in annual sales, and has 177 stores and 572 concessions in its estate.

The group will be controlled by the three main shareholders, chairman and chief executive Don McCarthy, finance director Stefan Cassar and retail operations director John Egan. The three businesses, Shoe Studio, Warehouse and Principles will be operated by their existing management teams.