LK Bennett in accelerated sale process amid financial challenges
LK Bennett, a fashion brand founded by Linda Bennett in Wimbledon in 1990 and known for its kitten heel shoes, is currently undergoing an accelerated sale process. The company, owned by Byland UK which was formed in 2019 to rescue the label from insolvency, is being advised by Alvarez & Marsal. A&M has recently begun approaching potential buyers and investors as LK Bennett seeks a Christmas saviour.
Byland UK was established by Rebecca Feng, who previously ran LK Bennett's Chinese franchises. LK Bennett's retail presence has significantly reduced from a peak of around 200 branded outlets to just nine standalone stores in the UK and 13 concessions currently listed on its website. This downsizing follows an administration process in 2019 that led to the closure of 15 stores.
Financial accounts for LK Bennett Fashion for the year ended 27 January 2024 reveal a post-tax loss of £3.5 million on a turnover of £42.1 million, down from £48.8 million in 2023. Despite these challenges, a dividend of £229,000 was paid at the start of the year.
The brand was previously sold by Linda Bennett in 2008 to a Phoenix Equity Partners-led consortium for an estimated £100 million, though she retained a stake and bought back the remaining equity in 2017. LK Bennett has had notable customers including the Princess of Wales and Theresa May.
