An Asian private equity group has taken full control of Cath Kidston before the UK retailer’s further push to expand its sales of floral pattern teacups and floral bags across Asia.
Baring Private Equity said yesterday that it had bought out TA Associates in a transaction that marked the exit of the American private equity group. The purchase price has not been disclosed.
Baring, one of the largest private equity groups in Asia, first invested in Cath Kidston in July 2014 when it bought a minority stake from TAA.
Paul Mason is stepping down as chairman of Cath Kidston and will be replaced by William Flanz, a senior adviser to Baring since 2003 and the former chairman and chief executive of the Gucci Group.
Kenny Wilson, chief executive of Cath Kidston, which has 133 stores in Asia, said that the retailer would benefit from having a single owner, adding that Baring had already been invaluable in helping its expansion in Asia.
Mr Wilson has said that part of Cath Kidston’s appeal in Asia was its essential Britishness and a growing taste for feminine, floral patterns and products that imbued a feeling of country life in increasingly crowded Asian cities.
