Investing.com UK - Financial Markets Worldwide
Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

Next buys Fabled by Marie Claire from Ocado

Published 19/06/2019, 14:21
© Reuters. FILE PHOTO: Shoppers walk past a Next store on Oxford Street in London
MKS
-
EL
-
OCDO
-

(Reuters) - Clothing chain Next Plc has bought premium beauty and wellbeing retailer Fabled by fashion and beauty magazine Marie Claire from Ocado (LON:OCDO) Group for a small upfront payment, the online grocer said on Wednesday.

Fabled by Marie Claire, founded in 2016, trades online through Fabled.com and through a dedicated premium beauty retail store in London, operated by Marie Claire Beauty Ltd.

Next has bought Marie Claire Beauty with an agreement of an earn-out based on sales in each of the four years ending January 2021 to January 2024, with a minimum guaranteed payment of £3 million, Ocado said. https://www.ocadogroup.com/news-and-media/news-centre/2019/next-acquires-fabled-by-marie-claire-from-ocado.aspx

"The recent JV with M&S has meant that the centre of gravity at Ocado Group has shifted. In the light of our strategic evolution ... we decided that it would be in the best interests of all parties to now pass the baton so that Next can take Fabled forward," Ocado Chief Executive Officer Tim Steiner said.

Marks and Spencer (LON:MKS) and Ocado launched an online food joint venture in February, belatedly giving M&S a home-delivery service while netting $1 billion for its fast-growing technology providing partner.

Fabled.com sells products from high end beauty brands including Shiseido, La Mer, Tom Ford, Estee Lauder (NYSE:EL), Lancome and Bobbi Brown.

© Reuters. FILE PHOTO: Shoppers walk past a Next store on Oxford Street in London

Next currently retails more than 100 beauty brands through Fabled, including Clinique, Benefit, Smashbox, Burberry, Gucci.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.