LK Bennett has been sold out to its Chinese franchise partner, Rebecca Feng.
According to Drapers, Rebecca Feng has bought the British and Irish and wholesale division of the upmarket womens wear retailer, The transaction was done last night after Feng made an offer for LK Bennett last month via a newly incorporated company Byland UK.
Drapers reports that some UK and Irish stores could close as a result of the sale, although it is not yet clear how many would be affected.
Feng is also reportedly going to review the mainland European arm of LK Bennett as well as its US arm, which filed for Chapter 11 bankruptcy protection last week.
The result of that review is set to be revealed within eight weeks.
LK Bennett’s former chief executive Darren Topp and finance director Andrew Ellis both worked with Byland on the takeover offer.
LK Bennett had appointed joint administrators from EY for its UK business on March 7.
Feng said in a statement: “The L.K.Bennett brand is synonymous with quality and we believe there is a real opportunity to expand its reach in overseas markets where significant untapped potential exists. Under our plan, the business will continue to operate out of the UK, looking to maintain the long-standing and undoubted heritage of the Brand, this will be achieved through a combination of working with quality British design, and the businesses existing supply chain.
“We would like to take this opportunity to thank all L.K.Bennett’s customers, employees, and other key stakeholders for their support during the period of uncertainty which followed the appointment of Administrators. We look forward to welcoming many more customers in the years ahead.”
LK Bennett employs almost 500 staff in the UK across 39 stores, 37 concessions and its London head office.
Globally, LK Bennett trades from around 200 branded stores.
According to its most recent available accounts, LK Bennett showed an operating loss of £5.9 million and a loss before tax of £47.9 million for the year to July 29, 2017.