Dune has rescued The Shoe Studio Group, creating a £150 million footwear business, as predicted by Drapersonline.com March 3.
The deal includes Shoe Studio Group’s six brands including Pied a Terre, Bertie, Nine West and Roberto Vianni plus more than 300 department store concessions.
However, the sale did not include Shoe Studio Group’s 11 standalone stores. Some 90 jobs have also been lost.
Daniel Rubin, Dune’s executive chairman said “This is a very exciting opportunity for Dune. We have been looking to expand our concession business over the coming years and the purchase of Shoe Studio Group, with its unparalleled distribution outlets, fulfils this plan in one go.”
“Combining our design and sourcing strength with the strong brands within the Shoe Studio Group stable will create a potent force within the premium affordable footwear sector. We look forward to working with the Shoe Studio team, partners and suppliers to achieve this goal. John Egan, our chief executive, helped build Shoe Studio Group and his knowledge of the business will prove a major asset in combining the two businesses.”
Deloitte joint administrator Phil Bowers said: “The sale includes more than 300 concessions and will safeguard 1,570 jobs at these outlets and 90 staff from head office.”
Bowers added: “As the only remaining entity, Principles will continue to trade whilst a buyer for the business is sought, with discussions with various interested parties continuing.”
Dune has 42 stores and several concessions in the UK.