Cath Kidston has been bought by private equity group Baring Asia, resulting in the departure of the retailer’s chairman, Paul Mason.
Mason, who had been at the business for six years, will be replaced by William Flanz, former chairman and chief executive of Gucci Group.
Baring Asia has been a shareholder in Cath Kidston Group since July 2014, when it bought a minority stake from the retailer’s parent company, TA Associates. Baring Asia’s knowledge of the Asian market was a “prime attraction” for the group.
Cath Kidston products are now sold in 15 countries across Asia and the Middle East, and 70% of the retailer’s 226 stores are outside of the UK.
Since Baring Asia’s initial investment in 2014, the number of stores in Asia has more than doubled from 91 to 133. It will enter the Indian market this autum, opening two stores in Delhi, to be followed by shops in Mumbai.
Cath Kidston CEO Kenny Wilson said: “When Baring first invested just over two years ago, we said we wanted to find the right partner to help us manage the development of the brand in Asia and exploit its full potential, and Baring has been invaluable in helping us do this.
“As well as expanding internationally, we continue to innovate, as demonstrated by our collaboration with Disney, which lands in stores this month.”