Karen Millen helps Coast recover
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British clothing retailer Karen Millen has bought a stake in fashion label Coast following the brand’s administration by PwC. The purchasing company has agreed to take on Coast’s UK concessions portfolio and online businesses, saving 600 jobs in the ailing firm. It will be trading through cooperating wholesale and franchise businesses. Coast’s standalone stores were excluded from the deal.
Karen Millen CEO Beth Butterwick said: “We are excited to be welcoming over 600 Coast employees to the family. With its beautiful fabrics, stunning colours and signature designs, Coast is a much-loved fashion brand that has dressed women for all occasions since 1996. Our expertise and infrastructure puts us in a unique position to create a lean and profitable business, ensuring it remains a thriving destination in department stores and online.”
Coast was originally part of a group owned by Karen Millen’s parent company, Icelandic bank Kaupthing.
Coast gift cards and returns will be honoured by its new owners.
Questions & Answers
Q.What parts of Coast’s business have Karen Millen acquired?
What parts of Coast’s business have Karen Millen acquired?
Karen Millen has bought Coast’s UK concessions portfolio and its online businesses. This acquisition includes the infrastructure needed to trade through cooperating wholesale and franchise operations.
Q.How many jobs will be saved as a result of this acquisition?
How many jobs will be saved as a result of this acquisition?
The acquisition by Karen Millen has saved 600 jobs at Coast. Karen Millen CEO Beth Butterwick stated that they are welcoming these employees to their company.
Q.What will happen to Coast’s standalone shops?
What will happen to Coast’s standalone shops?
Coast’s standalone stores were not included in the deal with Karen Millen. The article does not specify what will happen to these particular retail locations.
Q.Will existing Coast gift cards and returns still be valid?
Will existing Coast gift cards and returns still be valid?
Yes, Coast gift cards and customer returns will be honoured by the new owners. This ensures continuity for customers who hold valid gift cards or need to return items.
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