Iconic British brand Laura Ashley has been sold to a new US owner after first falling into administration at the beginning of the pandemic.
The firm has been a staple on UK high streets since its foundation in 1953 and counted Princess Diana and Holly Willoughby among its fans.
Laura Ashley has now been snapped up by Marquee Brands, the US owner of Ben Sherman.
The US group, which runs 17 brands, said it has bought the fashion and furnishings business from investment firm Gordon Brothers for an undisclosed amount.
Marquee Brands said it plans to ‘unlock the future potential’ of the well-known British business with plans for new products and collaborations.
Laura Ashley, which was founded in 1953, will retain its UK-based team as part of the deal.
The deal comes almost five years after Laura Ashley tumbled into administration at the onset of the Covid-19 pandemic.
The retailer shut its 70 stores for good as result and axed hundreds of jobs.
Laura Ashley, a brand favoured by Princess Diana, has been sold to a new US owner
Among those to wear the brand’s signature flowy, floral dresses was Holly Willoughby
Kate Garraway also wore the brand’s signature looks before it fell into administration at the beginning of the pandemic
A year later, it relaunched on UK high streets through a partnership with Next to sell its homeware and furnishings.
Prior to its collapse, its clothes were regularly worn by the likes of Holly Willoughby and Kate Garraway.
The acquisition will mark a key part in Marquee Brand’s expansion strategy, giving the group a European headquarters in London for the first time.
Welsh designer Laura Ashley started out by sewing headscarves and napkins on her kitchen table in Pimlico, London in 1953.
Having gained quilting experience with her local Women’s Institute, she would make garments while her husband Bernard printed them and they would take mail orders and sell to High Street retailers such as John Lewis.
The business moved to Kent and then her native Wales in the late 1950s and early 1960s, as the brand established itself and gained momentum.
Its signature flowing, floral dress became a staple of the late 1970s all around the world.
Diana was often seen in her dresses and unwittingly shut down production once after she wore a £50 granddad collar gown to a photo call, with staff unable to cope with demand.
Welsh designer Laura Ashley started out by sewing headscarves and napkins on her kitchen table in Pimlico, London in 1953 (Pictured: Then-Lady Diana Spencer poses in Laura Ashley as she worked at a Kindergarten in London in 1980)
Diana was often seen in her dresses and unwittingly shut down production once after she wore a £50 granddad collar gown to a photo call, with staff unable to cope with demand
After the Diana effect died down Laura Ashley had to rely on its homewear to make money
On its administration, all 70 UK Laura Ashley stores were forced to close down
The acquisition will mark a key part in Marquee Brand’s expansion strategy, giving the group a European headquarters in London for the first time
Laura Ashley’s signature flowing, floral dress became a staple of the late 1970s all around the world
Pictured: Princess Diana wears a blue and green floral Laura Ashley gown as she watches Prince Charles play polo at Tidworth in 1981
Actresses Pamela Harlow and Heidi Banks were sighted at a Laura Ashley clothing store in Beverly Hills, California in 1984 (left, right: Jane Sturdy and Billy Livingston model for the brand)
But after the ‘Diana effect’ died down, the brand had to rely increasingly on its homeware to make money.
Heath Golden, chief executive officer of Marquee Brands, said: ‘Laura Ashley’s licensed business model and robust group of high-quality partners makes the brand a seamless addition to Marquee Brands.
‘We are excited to harness the strong affinity for this iconic brand and drive expansion across new platforms and partnerships.
‘With the existing UK team in place, we are primed and ready to leverage Laura Ashley’s seven-decade legacy to unlock its future potential as a full lifestyle brand innovating new products and categories, offering unique collaborations and engaging multi-generational audiences in key markets worldwide.’
Tobias Nanda, head of brands at Gordon Brothers, said: ‘As a firm that actively invests in and revitalises iconic brands like Laura Ashley, we acquired the British heritage brand out of insolvency in 2020 and built a flexible, scalable licensing business and a global e-commerce presence over the last four years.
‘We could not be prouder of Laura Ashley’s growth under Carolyn D’Angelo’s leadership, the former president of Laura Ashley, and know the brand is in the right hands for continued global growth under Marquee Brands’ leadership.’
