UK-based women’s footwear brand LK Bennett announced Wednesday that it is bringing back a familar face at the helm of the company, store founder Linda Bennett, according to a Draper’s report.
Bennett increased her investment in the company in order to buy the remaining equity from the private equity owner Phoenix Equity Partners, which gained majority stake in the company in 2008 for a reported 80 million to 100 million pounds, or $107 million to $140 million. She started the company in 1990 in Wimbledon, London. Now, the store operates more than 260 shops and concessions in upwards of 30 countries.
“Working closely with the LK Bennett team over the past few months has given me a real sense of excitement and confidence in the potential of the brand,” said Bennett.
According to the Draper’s report, LK Bennett CEO Darren Topp had positive words to say about the previous and now current majority stakeholder.
“Linda is exceptionally well placed to support its continued growth. Linda has been working with the team since April of this year improving the product, growing the business and supporting the changes we began to make when I joined the company last year,” said Topp. “We look forward to accelerating that change in the future to ensure the brand’s continued success in today’s retail environment.”
The company will continue its expansion after store launches in China, Russia, Qatar, the U.S. and the UK of this year.
The deal was made for an undisclosed amount.