The Australian City Chic Collective is set to pay £23M for the Evans brand, commerce and wholesale business.
The Arcadia Group which fell into administration at the beginning of December has appointed Deloitte as administrators. The company has now confirmed that Evans, part of the Arcadia portfolio, will be acquired by City Chic Collective, who will also receive the Evans’ intellectual property, its customer base and inventory under the deal which is expected to be completed by December 23. City Chic will not be purchasing Evans’ store network, all store will continue trading for the time being.
Other brands in the Arcadia portfolio are still awaiting new owners, with a number of parties currently interested, including Frasers Group and Authentic Brands Group.
“The process to secure new owners for the other Arcadia Group brands is ongoing. There have been significant expressions of interest for all brands. The Joint Administrators expect to provide a further update in the New Year,” commented Deloitte.
