LONDON — Pretty Green, Liam Gallagher’s men’s fashion brand, has found a buyer to rescue it from administration.
JD Sports has acquired the British label, which was founded by the Oasis frontman 10 years ago and has stood as a symbol of Cool Britannia, after it fell into administrators’ hands last month.
Moorfields Advisory, which worked on the sale, confirmed that JD Sports has acquired Pretty Green’s online and wholesale businesses, as well as its Manchester flagship store, which will continue to operate.
The brand’s remaining 11 locations across the U.K., as well as its 33 concessions in House of Fraser, will shutter, putting up to 97 jobs at risk.
“Pretty Green is a popular brand and received a considerable amount of interest. We are confident that JD Sports is the right fit for the business and will help to grow its online and wholesale channels,” said Simon Thomas, partner at Moorfields Advisory.
Although it had a dedicated following, the brand was said to struggle to keep up with increased costs at retail and the shift to e-commerce, while House of Fraser going into administration heavily impacted its leased department store business.
Two years ago, Pretty Green secured 11 million pounds in investment from the private equity firm Rockpool Investments.
According to the latest figures published on Companies House, the official register of U.K. businesses, the brand posted revenues of 38.2 million pounds and a loss of 1.5 million pounds in the 16 months ended Jan. 28, 2018. In the year ended January 2019, sales fell to 30 million pounds and the business employed more than 170 people.