British retail giant Frasers Group has purchased a majority stake in The Webster, a multi-brand luxury retailer in the US.
The Webster, known for its curated selection of more than 100 luxury brands, including Chanel, Dior and Gucci, has seen 10% revenue growth and expanded its presence to 13 stores across North America.
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The financial details of the transaction have not been disclosed.
The Webster’s founder and CEO, Laure Hériard Dubreuil, will retain a portion of the company’s shares and continue to manage its operations.
Dubreuil has stated that the move marks “the start of a new chapter” for the company.
She continued: “In almost two decades, The Webster has grown far beyond my wildest dreams from the locations we have opened to the amazing brand partnerships we have been able to create during my tenure.
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By GlobalData“Since our first conversation, I knew that Michael and the Frasers Group team were completely aligned with our approach and would be the best partner to help take the business to the next level, bringing a renewed energy and digital innovation.”
The deal forms part of Frasers Group’s elevation strategy, which aims to expand its portfolio and strengthen its luxury segment.
Frasers Group, which owns a diverse portfolio of retail brands such as Sports Direct and Flannels, aims to integrate The Webster within its luxury division, Flannels.
The Flannels division already has more than 80 stores in the UK and Ireland and has established partnerships with luxury brands Moncler and Saint Laurent.
Frasers Group CEO Michael Murray commented: “I’ve long admired what Laure has built with The Webster – a truly unique concept with flawless execution and exceptional brand partnerships, including Chanel, Gucci and Celine.
“This partnership marks an exciting new chapter for both The Webster and Frasers Group’s luxury division, Flannels.
Frasers Group stated that the partnership would focus on The Webster’s digital, operational and strategic development.
