Next Poised to Acquire Historic Shoe Retailer Russell & Bromley
The FTSE 100 fashion powerhouse Next, in partnership with stock clearance specialist Retail Realisation, could finalise a formal agreement to take over the 145-year-old shoe retailer Russell & Bromley as early as Wednesday, according to exclusive information obtained by Sky News. This potential acquisition represents another significant move in the ongoing consolidation of the UK retail landscape.
Deal Structure and Brand Future
Under the proposed arrangement, Next would assume ownership of the prestigious Russell & Bromley brand name and associated intellectual property. Meanwhile, Retail Realisation, which maintains affiliations with high street investment firm Modella Capital, would oversee the liquidation of existing stock inventory. This strategic partnership follows a similar pattern to previous Next acquisitions, though the company has reportedly withdrawn from pursuing a comparable deal for the fashion brand LK Bennett, which recently filed a notice of intention to appoint administrators.
Sources close to the negotiations have emphasised that while Next and Retail Realisation have emerged as the clear frontrunners, a definitive agreement has not yet been signed and discussions could still potentially unravel. Weekend newspaper reports had suggested other interested parties, including the groups behind fashion labels Bench and Weird Fish, were also in contention for the historic retailer.
Historical Legacy and Modern Challenges
Russell & Bromley boasts a rich heritage dating back to 1880, when it opened its inaugural shop in Eastbourne. The business was founded following the marriage of George Bromley and Elizabeth Russell in 1873, both of whom came from families with deep roots in shoemaking. Today, the company is managed by Andrew Bromley, representing the fifth generation of family leadership.
In recent years, the brand has embarked on a five-year turnaround strategy aimed at attracting younger consumers, notably featuring actress and singer Billie Piper as its public face. The retailer currently employs more than 450 staff members across its 37 physical stores, though a successful acquisition would likely signal the closure of these high street locations.
Next's Expansion Strategy
This potential acquisition continues Next's aggressive expansion strategy under the stewardship of veteran chief executive Lord Wolfson. The company has consistently defied the broader challenges facing the UK high street to establish itself as one of the nation's best-run retail businesses. Next recently upgraded its full-year profit forecast following a robust Christmas trading period, demonstrating its financial resilience.
The fashion group has built an impressive portfolio through strategic acquisitions of distressed brands at favourable prices, including Cath Kidston, Joules, and maternitywear retailer Seraphine. Next's current holdings also encompass online furniture retailer Made.com and high street fashion brand FatFace, showcasing its diversified approach to retail ownership.
When approached for comment, Next did not provide a response. Similarly, Retail Realisation and Interpath, the advisory firm working with Russell & Bromley, both declined to comment on the ongoing negotiations.
