Livingbridge has sold Crew Clothing, the lifestyle clothing brand, to Exquisite Apparel.
Livingbridge backed Crew Clothing in 2006. During its hold revenues across Crew’s 80-store network and online channel grew to nearly £60m.
In 2014 Louise Barnes joined the management team as chief executive and played a key role in helping the company to adjust to changing retail trends, build-up its multi-channel offering and update its product range and brand positioning.
“We would like to take this opportunity to thank Louise Barnes and her team for their dedication to Crew and the work she has led in reinvigorating and strengthening the brand,” Livingbridge’s Bevan Duncan said.
It is understood that Barnes will now step down from her role at Crew. She is said to have been among the bidders for the business, putting together an MBO offer, but was outbid by Exquisite. Livingbridge declined to comment but said in a statement that Crew Clothing was a high quality asset that had attracted bids from a number of potential buyers before it settled on the best offer.
Crew Clothing was founded in 1993 by Alastair Parker-Swift in the back of a windsurfing school in Salcombe, Devon, and is characterised by is casual British coastal style. The brand offers smart casual wear, accessories and footwear for men and women. Parker-Swift will continue to work with Crew under its new ownership.