The Carlyle Group acquires majority stake in END.
Global investment firm The Carlyle Group is to acquire a majority stake in the END. luxury streetwear and sportswear retailer.
The stake is being sold by founders Christiaan Ashworth and John Parker who will retain a significant minority holding in the business and remain as co-chief executives. Index Ventures, which currently holds a minority stake, will fully exit. The transaction will close on 1 April.
Founded in 2005 with headquarters in Newcastle, END. sells a range of luxury and contemporary fashion, sneakers and streetwear. The company partners with more than 500 designers and brands and sells to customers through its its online platform, mobile apps and physical stores.
The company employs more than 650 people in the UK and ships to over 100 countries worldwide. In the year to 31 March 2020, END. generated revenues of £170 million, of which 65% related to sales outside of the UK.
Following the acquisition, The Carlyle Group will support END.’s domestic and international expansion.
Ashworth and Parker said: “We are thrilled to welcome Carlyle as our new partner. Their experience and strong track record in Luxury and Streetwear will be invaluable to us in supporting END.’s long-term and sustainable growth strategy. Carlyle’s industry knowledge and truly global platform will be instrumental as END. continues to reach an increasingly international audience. We’d also like to thank Index Ventures for being a fantastic partner and great to work with over the last seven years.”
Massimiliano Caraffa, the managing director leading consumer and retail for the Carlyle Europe Partners advisory team added: “We are attracted to END.’s distinctive style, which mixes luxury and contemporary brands with the best in sneakers and sportswear. We are excited by the many growth opportunities that lie ahead for the company, including the launch of womenswear as well as further international expansion.”
