Baby clothing and maternity clothing retailer JoJo Maman Bébé – whose high-ranking clients are the Duchess of Cambridge – has been snatched from parent company Next and a group of investment firms.
Laura Tennyson, who started the business in 1993 from her shared kitchen table and turned it into one of the leading retailers for mothers and babies in the UK, said the new owners have “exciting plans to expand and expand the brand “faster than we could ever, giving us the opportunity to open new markets.”
However, as part of the deal, she will leave the business.
Next took 44% of the company’s shares, with the remaining 56% acquired by investment companies managed or advised by the Davidson Kempner Capital Management hedge fund. The shares were acquired by existing JoJo shareholders, including Tenison.
In addition to its websites, JoJo Maman Bébé has 87 outlets and employs more than 950 people in the United Kingdom.
The Duchess of Cambridge wore maternity clothes by JoJo Maman Bébé. Photo: Rex / Shutterstock
The company told staff that the new owners “seek to keep our stores where they trade profitably”, adding that in the future “there may be opportunities for more stores [and] new international websites “.
The value of the deal has not been disclosed and it is not known how much Tennyson received for her controlling stake in the business.
Tennyson started the business after a serious car accident while living in France, leaving her in hospital. In interviews, she said her roommate is a young mother with two young children who has fun ordering from mail order catalogs.
“[Living in rural France] I couldn’t help but notice how well the children in France were dressed. You will see them walking on the beach with their grandparents, regardless of the weather, with their great waterproof overalls and fishing jackets, to get things out of the sand, “she told an interviewer in 2020.
Inspired in this way, in 1993 she started JoJo’s business from her London home, with her parents’ “warehouse” shed in South Wales.
The Duchess of Cambridge has been photographed several times in a white maternity coat from the brand and is also said to have bought a number of items for her daughter, Princess Charlotte.
Commenting on the deal, Tennyson said: “Growing JoJo from a kitchen startup to a leading UK boutique brand for mothers and babies has been a priority for the last 30 years. I am extremely proud of our achievements and I am excited about the opportunities that this new partnership will offer to the future of the brand. ”
She told employees that it is important for Next and other companies to “preserve brand identity, values and talent, while allowing JoJo to take advantage of the economies of scale of their larger umbrella… Next and DK [Davidson Kempner] We believe, as we do, that our stores are of great value to the whole … business. ” She added that she would keep her own website.
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Gwyn Milligan, who joined JoJo Maman Bébé in 2017 as Commercial Director, has taken over as CEO, and the remaining directors will remain in office.
The next said that the business will retain its managerial autonomy and creative independence. Next will also make an investment of £ 16.3 million in the brand, financed by its own cash resources.
Simon Wolfson, CEO of Next, said: “We are excited to see what can be achieved by combining JoJo’s exclusive product with Next’s infrastructure and Davidson Kempner as our investment partner.
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