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BREAKING: kikki.K Saved from Second Collapse
Brandbank Group has confirmed it will acquire Kikki.K for an undisclosed amount after it filed for voluntary administration twice in two years.
The stationery retailer has filed for voluntary administration twice in two years, the first in March 2020 and then in August 2021. The retailer was initially saved by Texas-based business, Erin Condren Designs, in June 2020, but was unable to withstand the ‘massive impact’ of ongoing lockdowns in Melbourne and Sydney.
Brandbank has acquired kikki.K for an undisclosed amount from the company’s administrators, the global advisory firm, Ankura. The completion of the sale is currently subjected to certain conditions, and are expected to be completed in the next coming weeks.
Brandbank Group, which was founded by Peter Lew, currently houses retail brands including Seed Heritage, French Connection, Commonry and allkinds. It currently spans many countries, including Australia, New Zealand, Hong Kong, the USA, Singapore and Canada.
“We are delighted to have kikki.K join our stable of world-class brands,” said David Thomas, CEO of Brandbank Group. “kikki.K has a strong following of passionate customers and a loyal team behind it. Our focus is to work together with the kikki.K team to create a successful future for the brand.”
The stationery brand was founded in 2001 by Kristina Karlsson and Paul Lacy in Melbourne and has expanded to 36 stores across Australia and New Zealand.
Brandbank intends to resume trading of kikki.K stores from November 1st, in line with the current COVID-19 roadmap. With this acquisition, kikki.K will expand its online platform and ‘re-energise’ its existing physical formats and store network.
“We’re looking forward to expanding the online store, re-energising the retail store network as lockdown restrictions are lifted, improving the customer experience and exploring medium-term international opportunities for kikki.K,” said Thomas. “We believe the brand has a bright future.”
This acquisition is a ‘great result’ for the business and its stakeholders, said Quentin Olde, Administrator at Ankura. “The sale ensures job security for employees who will retain their jobs as stores reopen and the ability for the iconic brand to continue under strong management and stewardship. Once the sale is completed the Administrators will update creditors on the administration process and outcomes.”
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