A change in ownership has raised concerns about the fate of numerous Russell & Bromley shoe outlets. Retail powerhouse Next has acquired the brand name and select assets, excluding its 33 stores and nine concessions in the UK and Ireland, employing approximately 400 individuals.
Established in 1879 in Eastbourne, East Sussex, Russell & Bromley is a British brand that has faced challenges in a competitive market, experiencing declining sales and increasing losses.
The acquisition by Next, facilitated through a pre-pack insolvency process overseen by Interpath, includes the transfer of the Russell & Bromley brand, intellectual property, and three stores in Chelsea, Mayfair, and the Bluewater Shopping Centre, which will operate under license. Next is paying £2.5 million for the company name and IP, and £1.3 million for existing stock, with about 40 employees transitioning to Next.
Andrew Bromley, the CEO and a family member, expressed that after a strategic review with external advisors, the sale of the Russell & Bromley brand was deemed the best course of action to ensure its future. He thanked staff, suppliers, partners, and customers for their ongoing support.
The deal does not encompass 33 stores and nine concessions, which will remain operational as administrators explore potential options, including closure or management by another entity in partnership with Next or store owners.
Interpath’s UK chief executive, Will Wright, emphasized the brand’s history of style and craftsmanship, stating that the transaction will maintain the brand’s legacy and commitment to quality. The intention is to sustain the remaining stores while assessing available alternatives.
Next aims to uphold the legacy of the beloved British footwear brand, providing operational stability and expertise to support Russell & Bromley’s evolution, focusing on designing premium footwear and accessories for years to come.