Premium maternity and childrenswear brand JoJo Maman Bébé has been bought by Next and a group of investment companies managed by hedge fund Davidson Kempner.
Next has taken 44 per cent of the brand’s shares, with the other 56 per cent acquired by investment companies managed or advised by hedge fund Davidson Kempner. Laura Tenison, who started JoJo Maman Bébé in 1993, will step away from the business. She will be replaced as CEO by Gwynn Milligan, who joined the brand as commercial director in 2017.
The value of the JoJo Maman Bébé sale is not known. Next will make a £16.3M investment in the brand using its own cash and plans to keep the business separate and support it with its online shopping infrastructure, including warehousing and software. In mid-2023, the JoJo Maman Bébé website will be contracted to Next’s Total Platform arrangement on a commission basis.
Next CEO Simon Wolfson said in a statement: “JoJo Maman Bébé is an outstanding brand in the maternity and children’s sectors – markets we have been present in for a very long time. Next is therefore delighted at the prospect of its Total Platform supporting JoJo on the next stage of its growth and development. We are excited to see what can be achieved through the combination of JoJo’s exceptional product with Next’s infrastructure and Davidson Kempner as our investment partner.”
