British Fashion Chain Ted Baker Draws US Takeover Interest

The Ted Baker logo is seen at their store at the Woodbury Common Premium Outlets in Central Valley, New York, U.S., February 15, 2022. REUTERS/Andrew Kelly
The Ted Baker logo is seen at their store at the Woodbury Common Premium Outlets in Central Valley, New York, U.S., February 15, 2022. REUTERS/Andrew Kelly
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British Fashion Chain Ted Baker Draws US Takeover Interest

The Ted Baker logo is seen at their store at the Woodbury Common Premium Outlets in Central Valley, New York, U.S., February 15, 2022. REUTERS/Andrew Kelly
The Ted Baker logo is seen at their store at the Woodbury Common Premium Outlets in Central Valley, New York, U.S., February 15, 2022. REUTERS/Andrew Kelly

Sycamore Partners is in the early stage of making a possible cash offer for fashion retailer Ted Baker (TED.L), the private equity firm said on Friday, in the latest sign of strong US interest in taking over British entities.

New York-based Sycamore, which specializes in deals in the struggling retail sector, has until April 15 to make a firm offer for the London-listed Ted Baker. Sycamore said there was no certainty an offer would be made and did not disclose what the terms might be for any deal.

Ted Baker said it has not received an offer but would evaluate any proposal, although it was confident in its independent prospects, Reuters reported.

Shares of the upmarket retailer jumped 20% on Friday but were still trading just above a pound each, compared with the nearly 30 pounds it was worth in 2015, giving it a current market valuation of nearly 220 million pounds ($289.26 million), Refinitiv Eikon data showed.

Takeover interest in British companies, ranging from defense groups to a leading supermarket, is its highest in years, as the pandemic and uncertainties linked to Britain's departure from the European Union have reduced valuations.

Ted Baker is in the middle of three-year turnaround plan under boss Rachel Osborne as it tries to boost its online presence and rebuild its image after profit warnings and accounting issues.

Osborne took charge in 2019 in a management reshuffle that included the exit of former chief executive Ray Kelvin following allegations of inappropriate behavior. Kelvin has denied the allegations and retains a nearly 12% stake in the company he founded in 1988 in Glasgow.

Ted Baker, which has nearly 400 locations mostly in Europe, North America and the United Kingdom, said in February it was "cautiously optimistic" about outlook for the current year as people slowly return to working in offices.



LVMH Brand Loewe Names 2 Creative Directors to Replace Anderson

FILE PHOTO: A sign on the exterior of a Loewe luxury boutique operated by LVMH Moet Hennessy Louis SE is pictured in Paris, France, January 25, 2024. REUTERS/Benoit Tessier/File Photo
FILE PHOTO: A sign on the exterior of a Loewe luxury boutique operated by LVMH Moet Hennessy Louis SE is pictured in Paris, France, January 25, 2024. REUTERS/Benoit Tessier/File Photo
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LVMH Brand Loewe Names 2 Creative Directors to Replace Anderson

FILE PHOTO: A sign on the exterior of a Loewe luxury boutique operated by LVMH Moet Hennessy Louis SE is pictured in Paris, France, January 25, 2024. REUTERS/Benoit Tessier/File Photo
FILE PHOTO: A sign on the exterior of a Loewe luxury boutique operated by LVMH Moet Hennessy Louis SE is pictured in Paris, France, January 25, 2024. REUTERS/Benoit Tessier/File Photo

LVMH label Loewe said on Monday that Jack McCollough and Lazaro Hernandez, the co-founders behind the New York fashion label Proenza Schouler, were appointed as the creative directors of the Spanish luxury house, effective April 7.
They will replace creative director Jonathan Anderson who recently left Loewe after 11 years in the role, Reuters reported.
"Jack McCollough and Lazaro Hernandez will have the entire creative responsibility of all Loewe collections across womenswear, menswear, leather goods and accessories," the statement said.
After first meeting at the Parsons School of Design, McCollough and Hernandez founded Proenza Schouler two decades ago.