Under the agreement, Pentland Brands, Ted Baker’s footwear licensee since 2001, would receive £13 million (US$17 million) for the sale, as well as an adjustment for net assets of No Ordinary Shoes at closing, which is expected to be in the range of £4-8 million (US$5.23-10.47 million), payable in cash on completion of the deal.

“This is an exciting opportunity for Ted Baker to drive further growth in our footwear business by leveraging our global footprint and infrastructure, in line with our strategy to further develop Ted Baker as a global lifestyle brand”, said Ray Kelvin, founder and Chief Executive, Ted Baker.

Since becoming the Ted Baker footwear licensee in 2001, Pentland Brands says it increased the footwear category by more than +800% and increased distribution from 60 retailer partners in eight markets, to more than 200 in 28 markets. Sales of Ted Baker footwear for the year ended December 31, 2017 totalled £39.8 million (US$52.11 million).