The Carlyle Group has struck a deal with Christiaan Ashworth and John Parker – the founders of luxury streetwear retailer END, to buy control of the business.
The new partnership will see Ashworth and Parker retain a significant minority stake and remain co-CEOs of the company.
Minority stake holder Index Ventures will fully exit when the transaction closes on 1 April 2021.
In the year to 31 March 2020, the omnichannel retailer generated revenues of £170 million. With sales outside the UK accounting for around 65 per cent of the total.
It’s been reported by Bloomberg that END has been valued at £750 million or $1 billion.
Following the acquisition, Carlyle plans to leverage its experience in the global consumer sector – in which it is said to have already invested over $20 billion to date, to support the brand’s growth opportunities. Chief among them are further international expansion and the coming launch of a new womenswear range.
END has made its name partnering with over 500 designers and brands to showcase a curated selection of luxury fashion, footwear and streetwear. Since its launch in 2005, it has developed a highly engaged and loyal customer base, it says, due to its exclusive collaborations and ‘distinctive style’ product offering.
The company employs over 650 people in the UK and ships products worldwide to over 100 countries.
Christiaan Ashworth and John Parker, co-founders and co-CEOs, said: “We are thrilled to welcome Carlyle as our new partner. Their experience and strong track record in Luxury and Streetwear will be invaluable to us in supporting END.’s long-term and sustainable growth strategy.
“Carlyle’s industry knowledge and truly global platform will be instrumental as END. continues to reach an increasingly international audience. We’d also like to thank Index Ventures for being a fantastic partner and great to work with over the last seven years.”
The Carlyle Group was advised by Morgan Stanley and RBC and Latham & Watkins. While the sellers were advised by Goldman Sachs and Womble Bond Dickinson.
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