Anya Hindmarch Returns To Her Eponymous Fashion Label As MD, Adds To Her Creative Role
LONDON — In March 2019, DM Fashion Book reported that Anya Hindmarch Ltd. and its Qatari partner Mayhoola for Investments were parting ways after seven years, and in an increasingly fierce market for independent, high-end accessories brands (see it here).
We had also mentioned that a person familiar with the matter, Mayhoola is exploring a sale of the British handbag label, which has struggled to turn a profit in recent years amid a difficult period of restructuring, reported Business of Fashion.
On April 1,2019, we confirmed that Anya Hindmarch has a new investor in the Marandi family, which also has stakes in Soho Farmhouse and Emilia Wickstead. It is understood that Narmina and Javad Marandi purchased Mayhoola’s majority stake in the Hindmarch business (see it here).
In the latest news, Anya Hindmarch is back at helm of her eponymous fashion label, eight years after she stepped down as chief executive. She’s now holding the top position in the role of managing director and will continue in her other role as creative director.
She replaces Antoine Bejui who stepped down after the company was sold last month by Mayhoola for Investments, where he’s investment manager.
She returns after a tough period for the brand in recent years as the shift to online shopping saw it reporting widening losses as well as closing a number of its standalone stores and concessions. The latest set of accounts available showed a pre-tax loss of over £28 million in 2017, worse than the almost-£12 million in 2016, as turnover fell around 10% to £37.2 million.
Narmina and Javad Marandi acquired the controlling (75%) stake from Mayhoola for an undisclosed sum with Hindmarch remaining a minority shareholder. Mayhoola had paid £47 million in total for its stake, including £20 million only last year when it increased its holding from 39.9% to 75%.
The Marandi family has a wider variety of business interests, which include fashion, and also has investments Wed2be.
It’s to be hoped now that Hindmarch’s elevation to the MD’s chair means a period of stability for the label that has seen four CEOs since 2012.
She said on Wednesday that the global retail environment is changing fast and repeated something that she has said in the past, insisting that business need to be “brave and decisive”.
The company has certainly been that in recent periods, with the firm cutting out loss-making stores and concessions in its domestic UK market, as well as in Japan, and exiting London Fashion Week’s runway schedule to focus on events and projects the would help consumers engage more closely with the brand. These days, during LFW, the label focuses on headline-grabbing projects and see now, buy now product launches.
Photos Credit: Yannis Vlamos / Indigital.tv