German fashion group TriStyle has bought womenswear retailer Long Tall Sally from investment firm Amery Capital.
Long Tall Sally
The deal values Long Tall Sally at around £30m. Chief executive Andrew Shapin will continue to run the business, with Amery’s founder Maurice Helfgott staying on as chairman. Shapin and Helfgott have reinvested in TriStyle
Long Tall Sally was established by Judy Rich in 1975. It currently sells in around 120 countries across the world and employs 388 staff.
The business began working with advisers at Financo to explore options for its future, including a potential sale, towards the end of last year, as reported by Drapers.
In January 2016, Long Tall Sally acquired its US competitor, Long Elegant Legs, in a bid to drive its international expansion.
Shapin said he was proud of the work he and his team had done to build the company to this point: “Our team, with the backing of Amery Capital, has transformed Long Tall Sally from a £10m UK retailer to an international, fast growing, profitable, digitally led omnichannel business, with circa 70% of its £50m annual sales online.”
TriStyle owns fashion brands including Peter Hahn and Madeleine, targeting 45+ women across Europe via mail order and online. Last year it was bought by private equity firm Equistone.
Equistone partner Michael Bork, who heads the advisory board for TriStyle, said the Long Tall Sally acquisition was part of its growth strategy, but added: “It’s not all just about growth. The creativity, professionalism, understanding of customers, markets and product of both teams is outstanding and will result in a success story.”