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<\/div>\nOnline retailer BrandAlley has snapped up a majority stake in limited edition sneaker resale platform The Edit Ldn.<\/p>\n
The deal comes as the online marketplace sought out a buyer late last year after it ran into cash flow issues during the final quarter, WWD reported.<\/p>\n
Following the acquisition, The Edit LDN will be restructured through a formal process and operate within BrandAlley\u2019s back-end infrastructure.<\/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>\nThe Edit LDN founder Moses Rashid, who will remain as chief executive, said in a statement:\u00a0\u201cAlthough 2023 was another year of positive growth and revenue, it has been a difficult period with financial challenges being accelerated by external funding sources that we had on our creditor books.<\/p>\n
\u201cIt was crucial to act fast to find a long-term partner who sees the potential to take The Edit Ldn global and offer the operational infrastructure required for sustainable growth.\u201d<\/p>\n
BrandAlley, which recently acquired a stake in luxury resale\u00a0platform\u00a0Sign of the Times, said the acquisition provides the opportunity to \u201ctap into a more youthful customer demographic and their substantial community of engaged followers\u201d.<\/p>\n
Chief executive Rob Feldmann added: \u201cWith our 8 million strong members-only database, our own dedicated in-house warehouse operations, and customer service team, we are confident we can provide full operational support across our group of companies and drive profitable growth of The Edit LDN globally through Rashid and his team.\u201d<\/p>\n
The Edit LDN founder Moses Rashid, who will remain as chief executive, said in a statement:\u00a0\u201cAlthough 2023 was another year of positive growth and revenue, it has been a difficult period with financial challenges being accelerated by external funding sources that we had on our creditor books.<\/p>\n
\u201cIt was crucial to act fast to find a long-term partner who sees the potential to take The Edit Ldn global and offer the operational infrastructure required for sustainable growth.\u201d<\/p>\n
BrandAlley, which recently acquired a stake in luxury resale\u00a0platform\u00a0Sign of the Times, said the acquisition provides the opportunity to \u201ctap into a more youthful customer demographic and their substantial community of engaged followers\u201d.<\/p>\n
Chief executive Rob Feldmann added: \u201cWith our 8 million strong members-only database, our own dedicated in-house warehouse operations, and customer service team, we are confident we can provide full operational support across our group of companies and drive profitable growth of The Edit LDN globally through Rashid and his team.\u201d<\/p>\n