Fears have arisen regarding the fate of numerous Russell & Bromley shoe stores following the brand’s recent sale. Next, a prominent fashion retailer, has acquired the brand name and certain assets, excluding its 33 stores and nine concessions in the UK and Ireland, which collectively employ around 400 individuals.
Established in 1879 in Eastbourne, East Sussex, Russell & Bromley is a well-established British brand. However, the company has faced challenges in a competitive market, experiencing declining sales and increasing losses.
The sale to Next was facilitated through a pre-pack insolvency process overseen by Interpath, an advisory firm appointed in October to explore strategic options. The transaction involved Next acquiring the Russell & Bromley brand, intellectual property, and the transfer of three stores in Chelsea, Mayfair, and the Bluewater Shopping Centre, which will operate under license. The sale price for the brand and intellectual property was £2.5 million, with Next paying an additional £1.3 million for stock. Approximately 40 employees will transition to Next as part of the deal.
Andrew Bromley, a family member and chief executive, expressed that the decision to sell the brand was made following a strategic review with external advisors to ensure the brand’s future. He extended gratitude to staff, suppliers, partners, and customers for their support over the years.
The future of the 33 remaining stores and nine concessions not included in the sale remains uncertain, with joint administrators exploring various options ranging from closure to potential takeover by another company. Interpath’s UK chief executive, Will Wright, highlighted the brand’s long-standing reputation for contemporary style and quality craftsmanship, emphasizing the intent to sustain the remaining stores while evaluating available alternatives.
Next emphasized its commitment to preserving the legacy of the beloved British footwear brand and providing operational stability to support Russell & Bromley’s future growth. The company aims to uphold the brand’s core mission of designing premium footwear and accessories for years to come.