Next Snaps Up Fatface for £115 Million in High Street Power Play
Next Expands Empire with Fatface Buyout
British retail giant Next has sealed the deal on clothing brand Fatface for a hefty £115 million. The outdoor and casual wear favourite, which runs 180 stores from its Hampshire base, will keep its own management and creative spark despite the takeover.
Building a High Street Empire
This latest swoop adds to Next’s growing stable of beloved High Street names. Over the past year, the company snapped up Cath Kidston and Joules. They also made waves in 2022 by acquiring furniture brand Made.com and a slice of baby products chain JoJo Maman Bébé.
Fatface’s Revival Since 2020 Pandemic Shake-Up
Fatface was rescued by lenders in 2020, right when Covid was hammering retail. But Next’s strong online game—built since 2016—has helped it boss the shifting shopping landscape. The takeover is a clear bet on Fatface’s comeback.
Labour Market Data Delay Adds to Economic Watch
The Office for National Statistics (ONS) has pushed back some key labour market stats, including the unemployment rate from the Labour Force Survey, until October 24. However, data on earnings, job vacancies, and real-time employment will still drop as planned.
The Bank of England keenly watches earnings figures as it ponders the next move on interest rates, which paused in September after 14 hikes. The ONS blamed the delay on lower survey response rates and plans to revamp the Labour Force Survey with fresh formats in 2024.
“The extra time will ensure we deliver the most accurate and reliable job market stats,” the ONS said.
