KEVIN STANFORD, the retail entrepreneur, is taking control of All Saints, after doubling his stake in the fashion retailer to 60 per cent.
The former co-head of Karen Millen and Whistles, who now holds large stakes in Moss Bros, the men’s clothing retailer, and Mulberry, the British designer firm, as well as an investment in Baugur, the Icelandic retail investor, intends to more than double the size of the All Saints chain to 40 stores in the next two years.
All Saints is the only company in which Mr Stanford now holds a controlling stake after paying £5.2 million for a second 30 per cent stake.
The company, which has 12 stores in the UK, including three in London, is now valued at £17.3 million.
In the year to last month, sales more than doubled to £13.5 million while pre-tax profits rose to £2.5 million.
Advertisement
A further fives stores are due to open this year in Covent Garden in London, Bluewater in Kent, Bristol, Dublin and Glasgow, while sales are expected to reach £23 million.
It is understood that Mr Stanford wants to build All Saints, which sells both women’s and men’s clothing, into a lifestyle brand that could be exported overseas.
The entrepreneur, who was once married to business partner Karen Millen, plans to introduce accessories, footwear and perhaps children’s wear.
Mr Stanford acquired an initial 30 stake in All Saints for £1.8 million in June last year.
In his new role as non-executive chairman he will take responsibility for business development, working with the existing management team led by Mick Dunne, managing director, and Stuart Trevor, design director, who founded the business ten years ago.
Advertisement
Mr Trevor retains a 35 per cent stake in All Saints while Mr Dunne holds 5 per cent, having sold the majority of his stake to Mr Stanford.
Mr Stanford said: “This is a very exciting brand — I am looking forward to helping it achieve its enormous potential both in the UK and internationally.”
There has been much speculation concerning Mr Stanford’s intentions towards Moss Bros.
He upped his interest in the company last July when he acquired rights over 22.6 per cent of Moss Bros shares from Shami Ahmed, the founder of Joe Bloggs, the clothes company.