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Brunei
Wednesday, October 5, 2022
25.4 C
Brunei
Wednesday, October 5, 2022
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    Reebok owner agrees to buy fashion group Ted Baker

    LONDON (AFP) – Authentic Brands Group, the US owner of sports clothes marque Reebok and leisure wear maker Juicy Couture, has agreed to buy struggling British fashion group Ted Baker, the pair announced yesterday.

    ABG has struck a deal to buy the 35-year-old company for GBP211 million (USD254 million).

    Like other bricks-and-mortar businesses, Ted Baker has struggled in the face of fierce online competition before and during the COVID pandemic.

    “Ted Baker is a highly regarded, uniquely British brand whose strong fashion credibility resonates with consumers around the world,” ABG chief executive Jamie Salter said in a statement.

    “We are excited to build on the brand’s global foundation through a business model focussed on licensing, wholesale, retail, digital and strategic marketing partnerships.”

    Ted Baker shares surged 17 per cent in London deals in a move that reflected the offer price.

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