Dive Brief:
- British luxury brand Temperley London has sold a majority stake of its business to Times Square Group and its investment arm, Luxutte Capital, according to a news release shared with Fashion Dive. Financial terms of the transaction weren’t disclosed.
- Under the agreement, Dubai-based Times Square Group founder and CEO Ritesh Punjabi will become “the go-to figurehead for luxury retail leadership” in the Middle East and internationally as well as the “visionary” behind the investment partnership, per the release.
- The brand’s namesake and founder Alice Temperley will remain its creative director under the new company structure, and current CEO Luca Donnini will also stay on in his current role.
Dive Insight:
The majority acquisition of Temperley London is part of the Times Square Group’s plan of “elevating and shaping the future of luxury landscape in Dubai and the region,” per the release. The group plans to further expand and grow its holdings in the luxury sector, and the deal with Temperley London marks what the release calls a “new era” of that pursuit.
Times Square Group operates several brands in the Middle East, including Manolo Blahnik.
Temperley London already has boutiques in the United Arab Emirates, including in the Dubai Mall and other luxury retail locations in the region. Expansion plans under the deal include opening a flagship store in London, per the release.
Alice Temperley founded the brand in 2000 after graduating from the Royal College of Art. The brand later moved into bridalwear in 2006.
With the Times Square deal, Alice Temperley said in the release that the womenswear brand now has the ability to expand its categories to include bags, shoes, ready-to-wear, accessories and swimwear.
In 2021, Temperley filed for business administration, a distinction in the U.K. for a business that is in debt and can’t pay the money it owes.
The company changed its business model again in July 2023, when it ceased all promotions. At the time, the company said this was in-line with its mission of championing slow fashion and a commitment to responsibility and respect for garments.
