Aurora Fashions to spin off Karen Millen chain
03 March 2011 10:22
Aurora Fashions is planning to split off its Karen Millen clothing brand in a move that could lead to a sale of the business. Coast, Oasis and Warehouse will continue as part of the group.
Karen Millen currently operates in 40 countries around the world, via joint venture, franchise and wholesale stores, concessions and websites.
Derek Lovelock, chairman of Aurora Fashions, will become executive chairman of Karen Millen and work with joint managing directors Gemma Metheringham and Steve Price.
Commenting on the new structure, he said: "Karen Millen is one of the great success stories of British fashion retailing. Our track record is testament to the brand's tremendous strength, not least our signature international style and the passion for design and attention to detail that our customers love.
"Independence will give us the platform to accelerate our international expansion and to focus on the next stage of the Karen Millen journey. Our success, scale and ambitious growth plans mean that this is the next logical step."
Gemma Metheringham and Steve Price added: "We have benefitted enormously from our position within the Aurora group, during which time Karen Millen has trebled in size and has been transformed from a small UK retailer to a truly global brand with circa 60% of our sales from overseas. We have bold plans for our newly independent business, including opening flagship stores in Paris, Sydney, St Petersburg and Berlin this spring."
Karen Millen was founded in 1981 and reported revenues of £250 million last year.
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