Britain's Ted Baker Looks to Sell Itself after Takeover Interest

People shelter under umbrellas as they pass a Ted Baker a store in London, Britain October 06, 2015. REUTERS/Neil Hall
People shelter under umbrellas as they pass a Ted Baker a store in London, Britain October 06, 2015. REUTERS/Neil Hall
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Britain's Ted Baker Looks to Sell Itself after Takeover Interest

People shelter under umbrellas as they pass a Ted Baker a store in London, Britain October 06, 2015. REUTERS/Neil Hall
People shelter under umbrellas as they pass a Ted Baker a store in London, Britain October 06, 2015. REUTERS/Neil Hall

Ted Baker is open to selling itself at the right price after seeing a flurry of takeover interest, the British fashion retailer said on Monday in the wake of a robust rebound from the pandemic.

Ted Baker launched a formal sale process after private equity firm Sycamore improved its takeover proposal and another third party showed interest in bidding for the company, sending its shares surging as much as 11% to 142.6 pence.

Takeover interest in British companies, ranging from defense groups to supermarkets, is at its highest in years, as the pandemic and uncertainties linked to Brexit have slashed valuations.

"The Board has decided to conduct an orderly process to establish whether there is a bidder prepared to offer a value that the Board considers attractive relative to the standalone prospects of Ted Baker as a listed company," it said in a statement.

The company, which has 560 stores and concessions, is in the middle of a three-year turnaround plan under chief executive Rachel Osborne and has seen demand return from pandemic lows.

Last week, it rejected a second proposal from New York-based Sycamore that valued it at 253.8 million pounds ($332.86 million), saying it undervalued the group.

Ted Baker said Sycamore had made a third proposal, but didn't disclose the terms in its announcement on Monday.

It has not spoken with Sycamore as to whether the private equity firm wishes to participate in the sale, Ted Baker said.

Sycamore did not immediately respond to a Reuters' request for comment.

The formal sale process, which the UK's takeover regulator has agreed to, allows talks with interested bidders to take place on a confidential basis.

Ted Baker over the years has been working to regain investors' trust after former CEO Ray Kelvin left in 2019 following misconduct allegations. He has denied the allegations and still owns nearly 12% of the company he founded in 1988 in Glasgow, Scotland.



Second-Hand Clothes App Vinted Reports Jump in Revenue and Profit 

Vinted plans to expand into more countries in 2025. (Getty Images)
Vinted plans to expand into more countries in 2025. (Getty Images)
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Second-Hand Clothes App Vinted Reports Jump in Revenue and Profit 

Vinted plans to expand into more countries in 2025. (Getty Images)
Vinted plans to expand into more countries in 2025. (Getty Images)

Vinted, an app where users buy and sell second-hand clothes, reported a 36% increase in revenue for 2024 on Tuesday and said it more than tripled its net profit, as more shoppers opt for cheaper used items instead of new.

Vinted has benefited as inflation-weary European consumers slashed their spending on clothing, and looked for new ways to make money by selling their own unwanted items.

Founded in Lithuania in 2008, Vinted reached profitability for the first time in 2023. It was valued at 5 billion euros ($5.69 billion) in a secondary share sale in October last year.

Vinted plans to expand into more countries in 2025, having launched in Croatia, Greece, and Ireland last year for a total of 22 markets in Europe.

Vinted started letting users buy and sell second-hand electronics on the platform in 2024, and said it would add more categories, though it is still mainly known for clothing.

Revenue for 2024 was 813.4 million euros ($925.89 million), up from 596.3 million euros in 2023, while net profit jumped 330% to 76.7 million euros.

Lithuania's first "unicorn", a term for a privately-held company with a valuation exceeding $1 billion, Vinted said it is launching an investment arm, Vinted Ventures, aimed at funding other second-hand retail startups.

Vinted Ventures will offer funding of between 500,000 euros and 10 million euros to Series A and Series C stage companies.