Two heritage British menswear brands have been acquired by a private equity firm and fashion conglomerate for £83 million.
Cerruti 1881 and Kent & Curwen have been purchased by Lion Capital and Three Fifty One Global Retail, owned by Thailand-based Pacific Investments Group (PGT Group).
Lion Capital is a growth capital private equity firm while Three Fifty One Global Retail focuses on the acquisition and development of global luxury and premium lifestyle brands.
Heritage brands with potential
Cerruti 1881 is an Italian luxury menswear brand founded in 1881, while Kent & Curwen is a British heritage menswear brand founded in 1814. Both are seen as having significant growth potential under the new owners’ strategy.
“Cerruti 1881 and Kent & Curwen are two of the UK’s most renowned heritage menswear brands with a rich history and loyal customer base,” said Paul Wild, managing partner at Lion Capital.
“We believe that with the right investment and strategy, these brands can reach their full potential while preserving their heritage and DNA. We are delighted to partner with 351 on this exciting opportunity.”
Asian expansion focus
PGT Group, which owns 351 Global Retail, has significant interests in Asia including distribution partnerships in China, South Korea, Thailand and Vietnam. The acquisition of Cerruti 1881 and Kent & Curwen will help boost its premium portfolio and support expansion into new markets.
“Acquiring Cerruti 1881 and Kent & Curwen is a pivotal moment in the growth of 351 and PGT Group’s luxury and premium portfolio,” said Daniel Lalonde, CEO of 351 Global Retail.
“These heritage British brands are the perfect complement to our existing luxury and contemporary premium brands. We aim to leverage our distribution in Asia to accelerate the growth of both Cerruti 1881 and Kent & Curwen, while preserving their iconic heritage and positioning in the UK and Europe.”
With a focus on expanding into new markets, the future looks bright for these historic British menswear labels under their new ownership. However, only time will tell whether the strategy pays off and they are able to reach their full potential.
