L.K.Bennett

Last updated

LK Bennett
TypePrivate company
IndustryFashion design and retail
Founded1990;32 years ago (1990)
Founder Linda Bennett
Headquarters
London
,
England
Number of locations
United Kingdom, France, Netherlands, Spain, United Arab Emirates, United States
Key people
Linda Bennett
Owner Phoenix Equity Partners/Sirius Equity (70%)
Linda Bennett (30%)
Website lkbennett.com

LK Bennett is a luxury fashion brand, based in London, United Kingdom. The company sells ready-to-wear collections incorporating clothing, shoes, handbags and accessories.

Contents

History

LK Bennett store in Winchester, Hampshire LK Bennet in Winchester High Street - geograph.org.uk - 1539843.jpg
LK Bennett store in Winchester, Hampshire

Linda Bennett set up the first LK Bennett shop in Wimbledon Village in 1990, [1] with a goal to produce "something in-between the designer footwear you find in Bond Street and those on the high street". [2] The company’s success led Bennett to earn the nickname "Queen of the Kitten Heel.” [1] [2]

In 1998 Bennett created her first ready-to-wear collection and started overseas expansion, opening a boutique in Paris in 2000. [3] She then opened stores and concessions in Spain, the Netherlands, the United Arab Emirates, and the United States, including in-store concessions in chains including Harvey Nichols, Selfridges, John Lewis, Fenwick, Printemps, and Galeries Lafayette.

In November 2004, Bennett appointed BDO Stoy Hayward to find strategic investors. [4] Bennett sold a 70% stake in the business in 2008 to Phoenix Equity Partners and Sirius Equity, a retail and branded luxury goods investment company, in a deal believed to have netted her around £100m. [5] Bennett remained on the board of the company as a non-executive director, and retained a stake of about 30 per cent.

In April 2017 the brand announced that Linda Bennett would be returning to its helm with a focus on product and brand development.[ citation needed ] In September 2017 she bought out the company. [6]

As of June 2018, the company had 130 stores globally. Online sales made up 33% of total sales, stores 61%, and wholesale 6%. [7]

The company went into administration on 7 March 2019. [8] It was reported that up to 500 jobs could be at risk as administrators EY closed five outlets on being appointed, two in London as well as the stores in Sheffield, Bristol, and Liverpool. On 12 April 2019 LK Bennett was bought out of administration, saving 325 jobs.

However, 15 of the retailer's stores are not included in the deal and will close, leading to the loss of 110 jobs.

LK Bennett has been bought by Byland UK [9]

In November 2018, LK Bennett launched a new US website in USD, and a site in Euros supporting 29 European countries.

In April 2018, British Home Secretary Amber Rudd declared that Britain's application system for EU nationals who want to remain in the UK after Brexit should be "as easy as setting up an online account at LK Bennett". [10]

See also

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References

  1. 1 2 Sarah Ryle (21 November 2004). "Sole trader takes a step back". The Observer . Archived from the original on 10 August 2014. Retrieved 21 July 2018.
  2. 1 2 Arifa Akbar (30 April 2004). "Linda Bennett, queen of the kitten heel, walks tall among Britain's business leaders". The Independent . Archived from the original on 18 July 2018. Retrieved 21 July 2018.
  3. ↑ Danielle Stacey (6 December 2017). "All of Kate Middleton's LK Bennett dresses, jackets, shoes and accessories over the years". Daily Mirror . Archived from the original on 12 December 2017. Retrieved 21 July 2018.
  4. ↑ Susie Mesure (15 November 2004). "LK Bennett seeks outside investors". The Independent . Archived from the original on 21 July 2018. Retrieved 21 July 2018.
  5. ↑ Ravender Sembhy (25 August 2013). "Fashion chain LK Bennett to be sold for a princely sum". Daily Express . Retrieved 21 July 2018.
  6. ↑ Pui-Guan Man (13 September 2017). "LK Bennett founder buys out the business". Drapers . Archived from the original on 13 September 2017. Retrieved 21 July 2018.
  7. ↑ Jill Geoghegan (12 June 2018). "Exclusive: LK Bennett sales and profits fall". Drapers . Retrieved 21 July 2018.(subscription required)
  8. ↑ "Retailer LK Bennett goes into administration". BBC News. 7 March 2019. Retrieved 7 March 2019.
  9. ↑ Davies, Rob (7 March 2019). "LK Bennett fashion chain collapses into administration". The Guardian . Retrieved 7 March 2019.
  10. ↑ "Rudd says online EU registration will be 'as easy as shopping at LK Bennett'". The Guardian . 23 April 2018. Archived from the original on 4 July 2018. Retrieved 21 July 2018.
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