Rinku Loomba, managing director of high street supplier Rinku Group, which also owns concession business Tigi-Wear, said today’s rescue of Bay Trading marked the group’s first entry into the young fashion market.
Rinku Group, which is owned by the Loomba family, has been trading since 1980 and owns brands such as Tigi-Wear, Viz-A-Viz and iZ. Today Rinku Group bought 80 Bay Trading concessions and some of its 175 stores from administrator Deloitte. The final number of store is still under negotiation.
Rinko Group managing director Rinku Loomba told Drapers: “We operate concessions already, and we saw Bay Trading as a good fit. There are added operational efficiencies and it will give us a better spread of the market. iZ is a contemporary brand, Tigi-Wear is more classic and Bay Trading will be younger fashion. Once we’ve fully integrated Bay Trading, it will give us a complete market spread.”
Loomba added that the group hadn’t taken over Bay Trading’s head office in Hatfield or its logistics arm and that all of Bay Trading’s head office staff have been laid off.
Rinku Group’s Tigi-Wear and iZ brands are stocked by independents and department stores such as House of Fraser and Beales.
Rinki Group has three main divisions - wholesale, retail and own label. It operates more than 200 Tigi-Wear concessions in the UK. The company also supplies some of the biggest UK high street names with own label product.
Deloitte was appointed administrator of Bay Trading parent company Epcoscan at the end of last month, after credit insurers pulled cover against the young fashion chain.
Bay Trading racked up losses of £7.2 million in the 53 weeks to January 31, against a profit of £1.1m.