FatFace
 FatFace company wordmark | |
| Company type | Clothing & Accessories |
|---|---|
Key people |
|
| Products | |
| Revenue | £160 million (2021) |
| Owner | Next plc |
| Website | fatface |
Fat Face Limited, trading as FatFace, is a British lifestyle brand, based in Hampshire, which creates product ranges across women's, men's, kids, footwear and accessories. FatFace is a multichannel retailer, with an international digital business, and over 180 stores in the UK and 20 stores in the US.
History
[edit]The business was founded in 1988 in French ski resort Méribel by Tim Slade, a former policeman, and business graduate Jules Leaver. The pair bought T-shirts wholesale, had them printed with designs specific to the resort, and sold them to other skiers, at first using the proceeds only to fund their own skiing.[1] They spent the following years travelling to different ski resorts, where they continued to produce and sell ski and outdoor-related clothing.[1] In 1993 they opened their first shop, on London's Fulham Road; they named it "FatFace" after the Face de Bellevarde slope in Val-d'Isère.[1][2] In 2000, they sold 40% of the company to Livingbridge for £5 million.[3] In 2005 Advent International, a private equity company, bought Livingbridge's interest in FatFace.[4]
In 2007 FatFace was acquired, for £360 million, by private equity group Bridgepoint Capital;[5] the sale netted Slade and Leaver £90 million.[6] The company's sales were badly hit by the Great Recession, forcing Bridgepoint to write off half the company's value,[6] but improved in 2010 and again in 2011.[7] Bridgepoint planned to float a quarter of the company on the London stock exchange in 2014, hoping to raise £110 million, but later cancelled the flotation due to lack of confidence by prospective stockholders.[8][5]
In September 2020, FatFace announced the completion of a lender led debt and capital restructuring of Fat Face Group Borrowings Limited (the "Fat Face Group"). Following the restructuring there was a change of control of the parent company of the FatFace Group ("FatFace" or "Company"), to Fulham Parent Limited. As a result of the restructuring, FatFace's ownership has changed hands from its majority shareholder, Bridgepoint, to the group's lenders through its newly formed parent company. As part of the restructure the debt profile of the group significantly reduced, from loans and borrowings (excluding lease liabilities) with a face value of £172.4 million at the completion date to £25.6 million at the period end with expiry dates between September 2023 and May 2024.[9]
In March 2021 FatFace revealed to customers and staff that they had been subject to a ransomware attack in January 2021[10][11][12] and paid $2 million ransom to Conti cyber criminals to unlock encrypted data.[13]
In September 2021, Liz Evans stepped down as CEO and was replaced by Will Crumbie. At that point, Crumbie had been with the business for eight years as CFO. Before FatFace he held senior financial and executive positions within the Walgreen Boots Alliance Group and P&O.[14] Colin Porter is the Chairman.[15]
In October 2023, Next plc announced that it had acquired FatFace for a total value of £115.2 million. Next hold 97% of the equity and FatFace's management will hold 3% of the business. It is anticipated that it will migrate its online operations onto that of Next by October 2024. [16]
References
[edit]- ^ a b c Lina Saigol; Andrea Felsted (20 January 2014). "The ski bums who understood the bottom line". Financial Times. Retrieved 14 July 2014.
- ^ Jonathan Prynn (2 September 2004). "FatFace pair could scoop £35m". London Evening Standard. Retrieved 14 July 2014.
- ^ "Isis set to land £20m in FatFace market listing". The Scotsman. 7 February 2004. Retrieved 14 July 2014.
- ^ "FatFace bought". Retail Week. 9 May 2005. Retrieved 14 July 2014.
- ^ a b Scott Campbell (9 July 2014). "FatFace reports sales rise after abandoned IPO plans". The Daily Telegraph. Retrieved 14 July 2014.
- ^ a b Richard Fletcher (15 March 2010). "FatFace loses £225m on write-offs". The Daily Telegraph. Retrieved 14 July 2014.
- ^ "FatFace: company profile". Retail Week. Retrieved 14 July 2014.
- ^ Gareth Mackie (10 July 2014). "FatFace profits rise despite flotation u-turn". The Scotsman. Retrieved 14 July 2014.
- ^ "Lord Rose exits FatFace as refinancing deal completes". The Industry Fashion. 28 September 2020.
- ^ Collins, Barry. "FatFace Hack: Staff Are Told Bank Details May Have Been Stolen". Forbes. Retrieved 9 April 2021.
- ^ "FatFace's 'Strictly Private' Data Breach Notification". www.bankinfosecurity.com. Retrieved 9 April 2021.
- ^ Visavadia, Hemma (26 March 2021). "FatFace reveals it was a victim of a cyber attack". Retail Sector. Retrieved 9 April 2021.
- ^ "Retailer FatFace pays $2m ransom to Conti cyber criminals". ComputerWeekly.com. Retrieved 9 April 2021.
- ^ "New CEO at FatFace as Liz Evans departs for George at Asda". Fashion United. 16 September 2021.
- ^ "Fat Face taps Colin Porter to replace Lord Rose in chairman role". Retal Gazette. 20 November 2020.
- ^ "ACQUISITION OF FATFACE". Next PLC. 13 October 2023.