LONDON (Reuters) – Not content with producing quirky jackets or floral cut dresses, British clothing brand Ted Baker has made a move into interior design with ‘Ted styled’ apartments.
The firm said on Tuesday it had signed a deal with property group THAT BCL, majority owned by Ted Baker’s founder and CEO Ray Kelvin, to provide a trade mark license and design services for the development of apartments in Bournemouth, southwest England, in return for a 250,000 pound ($377,000) fee.
Under the agreement Ted Baker will craft the interior of 15 luxury penthouse apartments in a development anchored by two Hilton Hotels in the seaside town. Rooms could be kitted out with furniture designed by Ted Baker or selected by the firm.
Ted Baker’s finance chief Lindsay Page is also a shareholder and director of THAT BCL, which focuses on mixed-use city center projects in the south of England. Kelvin, who owns almost 36 percent of Ted Baker, is THAT BCL’s principal equity provider.
Ted Baker has enjoyed a strong period of sales growth both in Britain and overseas where it has ramped up expansion in recent years. The firm often tests new areas of business, with audio equipment and crockery two of its more recent productions.
Shares in Ted Baker are up 22 percent on a year ago to 2,593 pence, valuing the business at around 1.1 billion pounds.