New York City -- All Saints, the U.K. fashion retailer known for its dark interiors and edgy threads, has been bought by British investment firm Lion Capital and U.S. private equity firm Goode Partners, Britain’s The Telegraph reported. The purchase is likely to speed the chain’s expansion in the United States.
Following the deal, Lion, which also owns the La Senza lingerie brand, will own 65% of All Saints and Goode Partners will own 11%. Company founder Kevin Stanford will own 15%; company management, headed by Stephen Craig, will own 9%.
Lyndon Lea, a partner at Lion Capital, said that expansion in the United States is the "holy grail" for AllSaints, according to the report. The retailer will also target such European capital cities as Paris and Rome, and Asia. Lea said that the chain could open 50 new stores in around two years "without breaking stride."
AllSaints was put on the block after majority shareholders Kaupthing and Glitnir, the Icelandic banks that collapsed during the financial crisis, decided to sell their holding. They inherited the stakes following the collapse of Icelandic investment company Baugur.