The two companies reached an agreement for a final cash offer in August, valuing the acquisition at around £211 million (US$242.23 million).
For the 14 weeks up to July 29, 2022, Ted Baker achieved revenue growth of 3.4% year-on-year but was down more than 28% compared with pre-pandemic results.
Meanwhile, led by consumers returning to the high street and increased footfall, store revenue was up 20.4% year-on-year and down 23% from Q2 2019
“E-tail” revenue, or e-commerce, was down 13.2% in the period but up 4% against pre-Covid results, reflected changes in consumer habits and the launch of a new e-commerce platform for the brand.
The company noted in a statement: “Inventory levels continue to reflect good working capital discipline but are currently more weighted towards prior season stock than planned, which reflects slower than expected sell through of sales product.”
Ted Baker expects a further continuation of consumers returning to physical stores through 2022 but remains “mindful of the significant recent deterioration of the macro-economic environment, falling consumer confidence and continued volatility in the supply chain as we move towards Ted Baker’s event-led peak trading season”.
Source: Fashion Network