LONDON – High street retail giant Next plc has acquired Russell & Bromley, confirming a report last week that it was pursuing the historic British and accessories brand.

Next, which operates physical stores across the U.K. and a marketplace for hundreds of third-party brands, said it has acquired assets including the Russell & Bromley name and intellectual property from the administrators for 2.5 million pounds in cash.

It is paying an additional 1.3 million pounds for a portion of the current Russell & Bromley stock.

As part of the transaction, three Russell & Bromley stores will be transferred to Next under license, the Oxford Street and King’s Road units in London and the footwear brand’s location at Bluewater Shopping Centre in Kent, England.

Regarding the 33 stores not included in the transaction, Next said the administrator has appointed clearance specialist Retail Realisation to manage the sale of the remaining stock. According to British media reports, some 440 jobs are at risk as a result of the sale.

“This acquisition secures the future of a much-loved British footwear brand,” Next in a statement Wednesday.

“Next intends to build on this legacy and provide the operational stability and expertise to support Russell & Bromley’s next chapter, allowing it to return to its core mission: the design and curation of world-class, premium footwear and accessories for many years to come.”

WWD reported last week that Next was a frontrunner to purchase Russell & Bromley and LK Bennett in an increasingly challenging market for premium brands.

Next, which had more than 6 billion pounds in revenue last year, is always on the lookout for deals, be they investments, licenses, joint ventures or other retail or brand opportunities.

Until recently Russell & Bromley, which was founded in 1873, had high hopes for its future. Last year, it installed its first creative director, Daniel Beardsworth-Shaw, and booked Billie Piper, the British actress and singer, for its ad campaigns.

Beardsworth-Shaw has put a fresher, more colorful and contemporary spin on the brand’s classic designs, while Piper has injected a dose of youth to Russell & Bromley’s image.

Last July, chief executive officer Andrew Bromley outlined the family-owned company’s five-year transformation plan, in an interview with WWD. It involved a head office move to London’s Soho, a tech upgrade and a bigger focus on brand.

But Russell & Bromley, which opened its first store in East Sussex, England, in 1880, failed to raise adequate funds for the turnaround, and the family was forced to seek other options. The company was placed into administration earlier this month.

According to Companies House filings, Russell & Bromley’s sales have been shrinking and its losses widening. Revenue in the year ended Dec. 31, 2024, fell 9 percent to 56.5 million pounds, while operating losses widened to 9 million pounds.

Next is one of the few high street giants that is bucking the downward trend on the U.K. high street. The company said in a trading statement earlier this month that full-price sales in the nine weeks to Dec. 27, 2025, outstripped expectations, growing by 10.6 percent compared with last year.

The surprise spike prompted the company to increase its guidance for full-year profit before tax by 15 million pounds to 1.15 billion pounds, up 13.7 percent year-on-year. The company’s fiscal year ends on Jan. 31, with results announced in March.

Next has more than 500 stores in the U.K. and Ireland. In addition to operating the marketplace, it also owns brands including Cath Kidston and FatFace, and has significant partnerships or stakes in Gap UK, Victoria’s Secret UK and Reiss.

The company’s Total Platform offers a full suite of online services to third-party brand partners.