Next eyes Russell & Bromley as latest buy – report

Retail giant Next has been a major acquirer of brands in recent years and a report claims that premium footwear chain Russell & Bromley is now on its shopping list.

Next either owns or has majority stakes in Reiss, FatFace, Joules, Cath Kidston, Made, Laura Ashley’s homewares and more. But while it has a big war chest for acquisitions, it’s not the only company targeting Russell & Bromley.

Sky News reported that the 145-year-old family-owned footwear and accessories is courting investors and Next is one of several parties in talks with Russell & Bromley’s advisers about a deal. None of the other potential buyers have been identified.

Russell & Bromley confirmed this autumn that it had appointed advisory specialist Interpath to look at funding options for the business.

In October, CEO Andrew Bromley said: “We are currently exploring opportunities to help take Russell & Bromley into the next phase of our ‘Re Boot’ vision. Since the announcement of the ‘Re Boot’ earlier this year we have made significant progress, positioning us well to build on our momentum and continue along our journey. We are looking forward to working with our advisory team to secure the necessary investment to accelerate our expansion plans.”

The company has stores and concessions in the UK and Ireland and is led by Bromley, who’s from the fifth generation of his family to run the chain.

Earlier this year, he oversaw the launch of a five-year turnaround plan focused on “refining the brand proposition, elevating the product offering, streamline operations and fuel market expansion at pace”.

In September, the change of approach could be seen when the company launched a quirky campaign fronted by pop star-turned-actress Billie Piper. It was overseen by creative director Daniel Beardsworth-Shaw (who joined as the brand’s first CD in 2024) and was an unusual move for the label that’s not previously been known for its celebrity ambassadors or surreal campaign concepts.

In its last accounts, covering 2023, the company reported turnover down to just under £40 million from almost £45 million. EBITDA was a loss of £3.2 million after a narrower loss of £404,000 the year before. And the loss after tax was £6.9 million, also wider than the loss in the prior year of £4.6 million. The company didn’t share any details about what had gone wrong.

Those accounts were filed in early November 2024 and its next filing (covering 2024) is due before the end of this year.

Whether Next or another business buys it or takes a stake (it’s unclear which option the controlling family favours) will clearly have big impact on its future direction. Next already has a strong track record in the premium sector in which Russell & Bromley operates with its stewardship of Reiss.

Next declined to comment on the Sky News story, and both Russell & Bromley and Interpath couldn’t be reached.