JoJo Maman Bebe has acquired new ownership enabling its founder Laura Tenison to exit the business, leaving it in good hands.
The business, which posted sales of £63.5m for the year to June ’20, has been acquired by Next which is taking up a 44 per cent stake, with Davidson Kempner Capital Management managed investment funds acquiring the remaining 56 per cent. Next will make an equity investment of £16.3 million but no other financial details have been made public.
Simon Wolfson, Next CEO said: “We are excited to see what can be achieved through the combination of JoJo’s exceptional product with Next’s infrastructure and Davidson Kempner as our investment partner.”
A key part of the transaction is the promotion of Gwynn Milligan from the role of commercial director to that of CEO of JoJo, replacing founder Tenison. Other directors will also be staying with the business which will continue to operate its chain of 87 stores. Over the coming months, it will focus on the groundwork to implement Next’s Total Platform. By mid-2023 it expects to move its websites to the Total Platform which will service JoJo on a commission on sales basis. Next plans to keep the JoJo brand distinct and grow it globally.
Laura Tenison commented: “Growing JoJo from a kitchen table start-up to being the UK’s leading specialist boutique mother and baby brand has been my priority for the past 30 years. I’m exceptionally proud of our achievements, and excited by the opportunities this new partnership will offer to the brand’s future.”
Share