Mon, 14 Dec 2020 | BUSINESS SALE
Luxury goods firm LVMH has begun sounding out potential buyers for shirtmaker Thomas Pink, with demand for office and formal wear plummeting during the COVID-19 crisis. The sale is reported not include any stock, essentially amounting to a purchase of the brand.
Thomas Pink’s stores, website and social media channels have recently been closed and inactive and it is now understood that owner LVMH has begun a sale process. LVMH is thought to have added potential buyers to a data-room, where they can view the company’s financial information.
The Thomas Pink stores that have been shuttered include its flagship Jermyn Street outlet in London and branches at Heathrow Airport’s terminals 2 and 5, as well as a store on New York’s Madison Avenue.
In 2018, Thomas Pink was rebranded as Pink Shirtmaker and relaunched. However, in its accounts to the year ending December 31 2019, the company reported that sales performance came in below its 2018 levels as the brand’s repositioning saw a loss of some of its existing client base, with the gaining of new clients being slower than expected.
The company reported revenue of £12.2 million for the year, down from £15.4 million in 2018, with its losses for the year increasing from £23.8 million in 2018 to £41.1 million in 2019.
As recently as September, Thomas Pink said that it was confident about its ability to “face the challenge” posed by the COVID-19 pandemic “in the best possible way”.
The impact of COVID-19 on what people wear has been devastating for many clothing retailers, especially those heavily reliant on their high street stores. While online firms and brands specialising in clothing such as loungewear have benefited, retailers with a strong focus on office, formal and event wear have struggled.
These include premium womenswear retailer LK Bennett, which is poised to close some stores as part of a CVA, and shirtmaker TM Lewin, which closed all 66 of its UK stores and moved entirely online after its pre-pack acquisition by Torque Brands.
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