Smythson Sold To Private Equity Investor

Job Description

<h3>Smythson Sold To Private Equity Investor</h3><p><strong>Smythson of Bond Street, the British luxury leather goods and stationery brand, has been bought for an undisclosed sum by Iconic BrandCo, a company controlled by Oakley Capital which invests in heritage brands.</strong></p><p>Smythson has been owned by Italian Tivoli Group for the past 16 years. It’s been a tough few years for Smythson, and although turnover has been growing again since the pandemic, the company still reported a loss of £6.7 million for the year ending 31 March 2024. The luxury goods sector has slowed down, with demand waning and markets uncertain.</p><p>The company closed its flagship Bond Street store last March and has closed several other shops over the past few years, including London’s Westbourne Grove and The Royal Exchange, Bicester Village in Oxfordshire, Madison Avenue in New York, and Heathrow airport’s Terminal 2.</p><p>Alongside Smythson, Oakley Capital has also acquired Fornasetti, a luxury design atelier known for its eclectic, handcrafted home décor, and FPM, a family-owned Italian luggage maker.</p><p>Smythson’s new owner intends to significantly grow the sales and value of Smythson, Fornasetti, and FPM by expanding internationally, digitising operations, and strengthening brand positioning and digital marketing.</p><p>“Heritage brands cannot be created overnight: it can take decades or longer to build a reputation and a loyal customer base through craftsmanship, product innovation, and marketing,” said Peter Dubens, co-founder and CEO of Oakley Capital. “We are fortunate to welcome these prestigious brands and look forward to unlocking their significant value.”</p> #J-18808-Ljbffr