HONG KONG: The Hong Kong-based investment firm, which previously acquired a 40% stake in the company in 2014, has bought out TA Associates 40% stake to take control of the company, in a deal that is rumoured to value the company at more than £250m. Founder Cath Kidston, who opened her first store selling the brand’s famous floral patterned household items in Holland Park, London, still retains an 11% stake in the company with the management team holding the remaining 9%. As part of the deal, Baring have brought the former boss of Gucci, William Flanz, on board as Chairman to help steer its tilt towards the Asian market.
The Cath Kidston brand has become a recognisable presence on the high street but, according to the Guardian, over 70% of its 226 outlets are outside the UK, with 133 already in Asia. Kenny Wilson, Chief Executive of Cath Kidston, commented: “We are entering a really exciting new stage under a single owner. Baring Asia’s decision to increase its shareholding is a fantastic endorsement of the potential of the Cath Kidston brand and I would like to welcome Bill Flanz. “This year has been our most successful start to the year, proving the strength of our product and the continued and growing appeal of the brand to existing and new customers. “As well as expanding internationally, we continue to innovate as demonstrated by our new collaboration with Disney, which lands in stores this month. We are very excited about the future.“
