Ted Baker has struggled in the face of online competition prior to as well during Covid pandemic. Ted Baker is expected to be purchased for $254 million.
London, United Kingdom: Authentic Brands Group, the US owner of sports clothing brand Reebok and casual wear manufacturer Juicy Couture, has agreed to purchase struggling British fashion company Ted Baker, the pair announced on Tuesday.
ABG has signed a contract to purchase the company’s 35 years of existence in exchange for PS211 Million ($254 millions).
Similar to other bricks-and-mortar companies, Ted Baker has struggled against a intense competition online prior to as well as during Covid pandemic.
“Ted Baker is highly regarded and a distinctively British brand whose brand image resonates with customers all over the world,” ABG chief executive Jamie Salter said in a statement.
“We are delighted to expand the global brand’s foundations by establishing a business model that is focused on wholesale, licensing retail, digital and strategic partnerships in marketing.”
Ted Baker shares surged 17 percent during London deals in a shift which reflected the cost of offering.