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Keep your knickers on... La Senza SA not closing
La Senza UK last week was bought out of administration by Middle Eastern retail franchise operator Alshaya from KPMG.
The embattled retailer in late December called in the auditing firm after squeezed consumers and tough trading conditions owing to the overall macro environment in the UK proved too much.
Though the pre-packed deal will save 1100 jobs and see Alshaya acquire 60 of La Senza's 146 UK stores, 84 of La Senza's remaining shops and 18 concessions were to be shut, resulting in a loss of 1300 jobs.
On Thursday, staff that had lost their jobs began a sit-in at the Liffey Valley branch in Dublin over money owed to them by the company.
"We are not associated with the UK in any way," La Senza SA told I-Net Bridge/BusinessLIVE.
La Senza has been present in SA for eight years under a franchise agreement between local player Rosyco Retail and US company Limited Brands, owner of Victoria's Secret and department store Henri Bendel, among others.
The La Senza brand is wholly-owned by Limited Brands, and runs in 46 countries under licensing, franchise, and cooperation agreements.
La Senza UK meanwhile, was owned by private equity firm Lion Capital which initially invested in the intimate apparel retailer in 2006.
There are currently fourteen La Senza stores in SA and the company said expansion was on the cards.
Meanwhile, Kuwait-based Alshaya plans to invest around GBP100 million in La Senza UK.
"We are delighted to have reached an agreement to buy these La Senza stores - saving jobs, protecting a great brand for consumers and strengthening our UK presence and links.
"This is a strategic investment for us and a positive addition to our extensive international retail portfolio," Mohammed Alshaya, executive chairman of Alshaya said.
The company operates more than 55 international brands in 19 countries. Its portfolio includes Pottery Barn, Dean & Deluca, Next, H&M, Topshop, Debenhams and others.
Source: I-Net Bridge
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