Clothing retailer NEXT to acquire majority assets of lifestyle brand Joules
UK’s online clothing retailer NEXT, through a newly formed company, has collaborated with Tom Joule to acquire out of administration the majority of the assets of Joules, a premium lifestyle brand and group, for a cash consideration of £34m.
NEXT has also acquired the existing head office of Joules for a cash consideration of £7m.
Subject to agreeing terms with landlords, the newly formed business plans to continue to run approximately 100 of the existing 124 Joules’ stores in the UK and Ireland.
NEXT will hold 74% of the equity in the new unit while Tom Joule will own the remaining 26%.
Joules’ websites and online operations, both in the UK and overseas, will go onstream on NEXT’s Total Platform in early 2024.
Simon Wolfson — NEXT Chief Executive said: “We are excited to see what can be achieved through the combination of Joules’ exceptional product, marketing and brand building skills with NEXT’s Total Platform infrastructure.”
The new entity anticipates to improve its operational efficiency benefit through NEXT’s Total Platform and Tom’s expertise of the Joules brand, customer and product direction.
Tom Joule — Joules founder said: “Our customers have always trusted us to lead, not follow, with products that reflect their lifestyle.
“It’s important that we live up to the high standards they desire in design, quality and, with NEXT’s Total Platform delivery and customer support proposition, the service they expect.”
Founded in 1989 by Tom Joule, Joules designs and sells branded clothing, footwear and accessories for women, men, and children, and collections of lifestyle, toiletries, homeware, and pet products through licensing partnerships.
NEXT has approximately 500 locations in the UK and Eire and an online footprint in more than 70 countries selling the NEXT brand and more than 700 other fashion, beauty, and home brands, including Joules.