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![\"FatFace](\"https:\/\/www.retailgazette.co.uk\/wp-content\/uploads\/2022\/09\/shutterstock_1857058651.jpg\" "\\"FatFace\\"\/")
<\/div>\nNext has acquired FatFace in a takeover deal for \u00a3115.2m<\/p>\n
In a release, it said the sale of the fashion retailer is expected to take place within the next few weeks.<\/p>\n
Next will hold 97% of the equity while FatFace\u2019s management will hold 3% in the business.<\/p>\n
Will Crumbie, who joined FatFace as CFO back in 2014 before stepping into the chief executive role in 2021, will continue to lead the business.<\/p>\n
Next said that under the deal, management will participate in an additional performance related equity scheme and confirmed that the retailer will retain its management autonomy and creative independence.<\/p>\n
FatFace will also hold onto its own board of directors and continue to be based in Havant, Hampshire, UK.<\/p>\n
FatFace has been available on next.co.uk since 2016 and it is anticipated that it will migrate its online operations onto its Total Platform within the next twelve months.<\/p>\n
Subscribe to Retail Gazette for free<\/strong><\/h5>\nSign up\u00a0here\u00a0to g<\/span>et the latest news straight into your inbox each morning<\/span>\u00a0<\/span><\/strong><\/p>\nCrumbie said on Linkedin: \u201cI want to thank our FatFace colleagues, who have all done a terrific job of leading the business through the pandemic; building on the brand\u2019s strong heritage, quality product and fantastic customer service to emerge even stronger in recent years. I am looking forward to working with the Next management team in this next phase of growth for the business.\u201d<\/p>\n
Back in May, Fatface\u2019s owners hired advisors Rothschild on its strategic options.<\/p>\n
The retailer trades from more than 200 shops across the UK and Ireland, as well as several sites in the US and Canada.<\/p>\n
Earlier this week,\u00a0Fatface reported\u00a0its profits had tripled\u00a0to \u00a317.3m thanks to its continued investment into expanding its store estate and strengthening third-party partnerships.<\/p>\n
FatFace now joins Next\u2019s growing list of retail acquisitions and cement the group as one of the most prolific buyers\u00a0of rival high street fashion chains.<\/p>\n
Next announced in September it had become\u00a0the largest shareholder in Reiss\u00a0after it bought out private equity firm Warburg Pincus\u2019 interest for \u00a3128m.<\/p>\n
Crumbie said on Linkedin: \u201cI want to thank our FatFace colleagues, who have all done a terrific job of leading the business through the pandemic; building on the brand\u2019s strong heritage, quality product and fantastic customer service to emerge even stronger in recent years. I am looking forward to working with the Next management team in this next phase of growth for the business.\u201d<\/p>\n
Back in May, Fatface\u2019s owners hired advisors Rothschild on its strategic options.<\/p>\n
The retailer trades from more than 200 shops across the UK and Ireland, as well as several sites in the US and Canada.<\/p>\n
Earlier this week,\u00a0Fatface reported\u00a0its profits had tripled\u00a0to \u00a317.3m thanks to its continued investment into expanding its store estate and strengthening third-party partnerships.<\/p>\n
FatFace now joins Next\u2019s growing list of retail acquisitions and cement the group as one of the most prolific buyers\u00a0of rival high street fashion chains.<\/p>\n
Next announced in September it had become\u00a0the largest shareholder in Reiss\u00a0after it bought out private equity firm Warburg Pincus\u2019 interest for \u00a3128m.<\/p>\n