Next and a group of finance companies have bought boutique baby goods retailer, JoJo Maman Bébé.
The high street giant – which became the franchise partner for Gap in the UK and Eire in September 2021 – has taken on 44% of the company’s shares, with the other 56% acquired by investment companies managed or advised by hedge fund, Davidson Kempner, reported BBC News.
Founder Laura Tenison will leave the business she founded almost 30 years ago, with current commercial director Gwynn Milligan taking over as chief executive.
JoJo Maman Bébé’s 87 bricks and mortar stores across the UK will continue trading.
Next will also make a £16.3 million investment in the brand using its own cash. It is planning to keep the JoJo brand distinct and grow the business globally using its online shopping infrastructure – such as warehousing and software – supporting JoJo’s physical shops and ecommerce.
It is currently unclear if JoJo product will be sold in Next stores.
“We are excited to see what can be achieved through the combination of JoJo’s exceptional product with Next’s infrastructure and Davidson Kempner as our investment partner,” commented Simon Wolfson, chief executive at Next.