UK-based conglomerate Frasers Group has acquired a majority stake in The Webster, the companies announced Thursday.
The Webster founder Laure Hériard Dubreuil will continue to manage the business as it currently operates, and will retain a share of the company.
Frasers Group owns a number of brands and retailers including its eponymous department store chain, Sports Direct, and the luxury specialty retail chain Flannels.
The partnership between Flannels and The Webster will give Frasers Group an edge in the global luxury retail market, Frasers CEO Michael Murray said in a statement.
It’s not the first time Frasers Group has attempted to expand its position in luxury fashion. Last year, it acquired the struggling Matchesfashion, only to put it in administration two months later, unable to restructure the company without spending exorbitant sums.
The Webster, however, may be in a different financial position. The company said it has seen steady revenue growth and operates 13 locations across North America since opening its first outpost in Miami in 2008. As major online platforms and department store chains have faltered in recent years, it’s specialty retailers like The Webster that have been able to grow their share of the market by continuing to prioritise the brick-and-mortar experience, customer service and relationships with vendors.
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Frasers Group Sales Fall Amid ‘Challenging’ Luxury Market and Retreat From Gaming
Despite challenges, Frasers said its ‘long-term ambitions for the luxury business remain unchanged.’
