ONLINE fashion retailer Brand Alley has seen its UK website bought out by management in a multi-million pound deal.
The clothes website, which sells discounted designer labels, was previously owned by News International – the UK newspaper arm of Rupert Murdoch’s News Corp – and its parent company Brand Alley France.
News International – which is divesting its share as the business as News Corp prepares to split into two companies – bought its 49 per cent stake in the company in 2008.
The buyout, backed by private investors, has been led by Brand Alley UK chief executive Rob Feldmann. The value of the deal was not disclosed, but sources put it in the single-digit millions.
The site, which is believed to be entering profitability, added around 70,000 new customers last year.