The European retail and online division of high street fashion retailer Ted Baker is on the brink of administration, placing nearly 1,000 jobs at risk.
With 46 stores across the UK and Europe, the British lifestyle brand has been under pressure due to increased competition and the departure of founder Ray Kelvin, amid controversy.
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In 2022, the company was acquired by Authentic Brands Group (ABG) for £211m ($267.84m). At that time, Ted Baker operated 500 shops and concessions globally.
No Ordinary Designer Label (NODL), which trades under Ted Baker’s brand, had more than 1,200 UK employees at the time, including nearly 500 at its headquarters.
For the year ending January 2022, NODL reported a pre-tax loss of £43m with sales nearing £320m.
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ABG has been evaluating NODL’s future since ending a partnership with Dutch company AARC in January 2024. AARC managed Ted Baker’s retail and online presence in the UK and Europe.
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By GlobalDataThe brand’s operations in the US, Asia and the Middle East, as well as its licensing agreements, are reportedly not affected by NODL’s issues.
Authentic Brands Group chief strategy and transition officer John McNamara was quoted by the Guardian as saying: “Despite our tireless efforts, the damage done during a period under AARC in which NODL built up a significant level of arrears was too much to overcome. We wish that there could have been a better outcome for the Ted Baker employees and stakeholders.
“It is hopefully some consolation for customers that NODL will continue to trade online and in stores. We remain focused on securing a new partner to uphold and grow the Ted Baker brand in the UK and Europe where it began.”
The company has assured that Ted Baker stores and its website will operate during the administration process.
