​Next acquires Fat Face for £115m

In a statement on the London Stock Exchange, it was announced that the sale is expected to go ahead within the next few weeks, with Next due to hold 97% of the equity while Fat Face’s management will hold 3%.

Management will also take part in a “performance-related equity scheme” and Fat Face will retail its “management autonomy and creative independence”.

Fat Face chief executive Will Crumbie will continue to lead the business and the company will keep its board of directors while continuing to be based in Havant, Hampshire.

Fat Face has been a part of the Next business since 2016 when it became a brand selling on next.co.uk. It is expected that the retailer will migrate its online operations on to Next’s Total Platform within the next year.

The announcement follows Fat Face’s recent trading update, which recorded total sales of £282m in the 52 weeks to 27 May, 2023.

It is anticipated the company will continue to trade and develop its own retail store portfolio following the acquisition.