Australian stationery retailer kikki.K will be saved from collapse after fashion and lifestyle brand owner Brandbank Group announced its intention to buy the company for an undisclosed price.
Confirmed by the company’s Administrators, global advisory firm Ankura, Kikki.K will be picked up by Brandbank Group - a collective of brands under a single umbrella founded by retail behemoth Solomon Lew’s son Peter Lew.
Kikki.K will join other fashion and lifestyle brands including Seed Heritage, French Connection, allkinds and Commonry which operate across Australia, New Zealand, Singapore, Hong Kong, the USA and Canada.
Ankura said Brandbank is taking up an “exceptional opportunity to revitalise a much-loved Australian brand”.
“The sale to Brandbank is a great result for the business and its stakeholders, including employees and creditors,” Administrator Quentin Olde said.
"The sale ensures job security for employees who will retain their jobs as stores reopen and the ability for the iconic brand to continue under strong management and stewardship.
“Once the sale is completed the Administrators will update creditors on the administration process and outcomes.”
Under the transaction, kikki.K will maintain the majority of head office employees, the retail team, online store and approximately 30 bricks and mortar stores.
Brandbank intends to resume trading of kikki.K stores from 1 November in line with the easing of COVID-19 government restrictions and intends to have all stores open in time for the Christmas shopping season. The online store will also continue to operate throughout this period.
“We are delighted to have kikki.K join our stable of world-class brands. kikki.K has a strong following of passionate customers and a loyal team behind it. Our focus is to work together with the kikki.K team to create a successful future for the brand,” Brandbank CEO David Thomas said.
“We’re looking forward to expanding the online store, re-energising the retail store network as lockdown restrictions are lifted, improving the customer experience and exploring medium-term international opportunities for kikki.K. We believe the brand has a bright future.”
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