Next has made a significant move by acquiring the footwear retailer Russell & Bromley for £3.8 million. However, this transition brings uncertainty, with about 400 jobs potentially lost across 33 stores that were not part of the agreement.
Founded in 1879 in Eastbourne, East Sussex, Russell & Bromley boasts 36 stores and nine concessions across the UK and Ireland. Yet, Next will only retain three locations—those in Chelsea, Mayfair, and the Bluewater shopping centre. It appears that only around 48 staff members will continue under Next’s umbrella.
The acquisition not only includes Russell & Bromley’s brand but also essential assets such as £1.3 million worth of stock. This latest addition broadens Next’s portfolio, which already encompasses an array of well-known labels from FatFace and Joules to Made.com, and even the UK distribution rights for Gap and Victoria’s Secret.
In a statement, Next emphasized the importance of this acquisition: “This move secures the future of a beloved British footwear brand. We aim to build upon its legacy and bring the operational expertise necessary for Russell & Bromley to thrive in its upcoming chapter, focusing on creating exquisite premium footwear and accessories.”
Andrew Bromley, chief executive of Russell & Bromley, expressed the challenges of this decision: “After a thorough strategic review with external advisors, selling the Russell & Bromley brand has emerged as the best choice to ensure its future. We truly appreciate the unwavering support from our staff, suppliers, partners, and customers throughout our journey.”
Will Wright, administrator from Interpath overseeing the process, noted that the remaining 33 stores and nine concessions not included in the sale will continue to operate. He elaborated, “For over 147 years, Russell & Bromley has defined contemporary style. We’re pleased to reach this agreement, which will safeguard the brand and its renowned commitment to quality craftsmanship.”
“Our goal is to keep the remaining stores operational for as long as possible while reviewing potential pathways forward.”
