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Next set for more acquisitions as profits climb and inflation eases
Evening Standard
|March 29, 2023
NEXT again showed why it is the king of the High Street today with a leap in profits that defy the consumer slowdown and leave it set for more acquisitions of rivals. It also had good news on inflation, which it said is falling apace at least inside the company.
Last night Next bought Cath Kidston for £8.5 million, following earlier deals for Reiss, Made.com, Joules and others.
Chief executive Simon Wolfson said he hopes more deals will follow, though he won’t overpay or set targets for how many takeovers will be done.
“It has to be a great brand with (ideally) great management in place,” he said.
He added: “We are very clear: if we cannot find good quality investments, then there is no shame (and much wisdom) in handing surplus cash back to our shareholders.”
This story is from the March 29, 2023 edition of Evening Standard.
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