Cath Kidston, the quirky British brand known for its quintessential floral prints, has sold a stake in the business to an Asian private equity as it gears up for further expansion in China.
Baring Asia said yesterday it had bought “a substantial stake” from the company’s previous majority owner TA Associates. The US private equity group, which previously owned 65 per cent, now had equal share with Baring.
Cath Kidston’s management team, including the retailer’s eponymous designer, have also cashed in on the deal, leaving them with a minority stake.
Its new owners hope to tap into the brand’s popularity with Chinese consumers and expand its presence to 100 stores in the country from four shops today.
“Cath Kidston is an established and profitable brand and, with strong underlying trends in consumer demand across Asia, we look forward to further developing the brand across the region,” Baring’s managing director Dar Chen said.
The group, which sells everything from sewing kits to handbags has 100 stores, including 66 in Britain.