Next acquires 16% stake in homeware brand Rockett St George
The news comes as Next has upped its full-year profit guidance by £15m, up to £995m, as it closes in on £1bn profit
Next has acquired a 16% stake in homeware brand Rockett St George, further furthering the partnership following the licensing agreement between the two brands.
Rockett said the strategic decision represents a “pivotal moment” in the growth of their partnership and will see Next having a director on the Rockett St George board, fostering an “even closer” working relationship between the two brands.
Jane Rockett and Lucy St George, co-founders and directors of Rockett St George, expressed their enthusiasm for this new chapter. “We are thrilled about our partnership with NEXT, which reflects our shared dedication to creativity and innovation. Together, we’re empowering customers to create spaces that truly express their personal style.
“By combining our passion for product design with NEXT’s extensive retail presence, this acquisition allows us to merge our unique design approach with their broad reach, offering even more distinctive and expressive items for your home and wardrobe. We couldn’t be more excited about what’s to come.”
The news comes as Next has upped its full-year profit guidance by £15m, up to £995m, as it closes in on £1bn profit.
This is the second time in two months that Next has increased its guidance after increasing it in August to £980m as a result of strong summer sales.
It comes as the retailer saw its pre-tax profits jump 7.1% to £453m for the six months ended 31 July 2024.