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Shoe Studio Group sold to Dune

The assets of Shoe Studio Group will be sold to footwear specialist Dune imminently Drapers has learnt.

An announcement confirming that Dune has bought footwear concession business Shoe Studio Group out of administration is expected this evening or first thing tomorrow morning.

Dune, which has 42 stores and several concessions in the UK, is expected to take over the footwear company’s six brands including Pied a Terre, Bertie, Nine West and Roberto Vianni and its 270 department store concessions.

“Gordon Baird [Shoe Studio Group managing director] and his team did a remarkable turnaround and the last three weeks have seen positive like-for-like sales and margins a full 10 percentage points ahead of last year. Indeed many people have commented on how strong the ranges are looking.”

Derek Lovelock

Dune owner Daniel Rubin and Dune chief executive John Egan, who was the chief operating officer of Shoe Studio Group until a year ago, will manage the enlarged the business. In total Egan worked at Shoe Studio Group for eight years.

Shoe Studio Group was put up for sale by Mosaic Fashions in January but yesterday the business went into administration as part of the wider administration of the Mosaic Fashions group. Deloitte is handling the sale and administration of the footwear concession business.

Other parties thought to have expressed an interest in Shoe Studio Group include Sir Tom Hunter’s West Coast Capital, which also owns Office, and Argyll Partners, the retail investment specialists.

One source said of the Dune deal: “This marks the end of Shoe Studio being part of a fashion group and brings it back into the hands of footwear specialists, which is a good solution for Shoe Studio’s department store partners.”

Derek Lovelock, the former chief executive of Mosaic Fashions and now chief executive of Aurora Fashions, which rescued Oasis, Karen Millen, Warehouse and Coast yesterday, said: “It is with some sadness that we say goodbye to the shoe business.”

“Gordon Baird [Shoe Studio Group managing director] and his team did a remarkable turnaround and the last three weeks have seen positive like-for-like sales and margins a full 10 percentage points ahead of last year. Indeed many people have commented on how strong the ranges are looking.”

“It is unfortunate that due to the overall financial difficulties of Mosaic Fashions we were not able to see the shoe strategy fully implemented.”

“I am sure Daniel Rubin and his team will do a great job and I wish them and the whole business good luck.”

 

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