British clothing retailer Karen Millen has bought a stake in fashion label Coast following the brand’s administration by PwC. The purchasing company has agreed to take on Coast’s UK concessions portfolio and online businesses, saving 600 jobs in the ailing firm. It will be trading through cooperating wholesale and franchise businesses. Coast’s standalone stores were excluded from the deal.
Karen Millen CEO Beth Butterwick said: “We are excited to be welcoming over 600 Coast employees to the family. With its beautiful fabrics, stunning colours and signature designs, Coast is a much-loved fashion brand that has dressed women for all occasions since 1996. Our expertise and infrastructure puts us in a unique position to create a lean and profitable business, ensuring it remains a thriving destination in department stores and online.”
Coast was originally part of a group owned by Karen Millen’s parent company, Icelandic bank Kaupthing.
Coast gift cards and returns will be honoured by its new owners.