The founder of a Wales-based high street brand who is leaving the company after nearly 30 years after it was sold in a major deal has spoken of her pride in the business. The childrenswear brand JoJo Maman Bébé has been sold to Next, which has agreed terms to acquire a 44% indirect interest in the brand using shares from existing shareholders, including its founder Laura Tenison.
Ms Tenison, originally from Pontypool, famously started the company from her flat in 1993 before turning it into one of the UK’s leading mother and baby retailers with customers including customers including the Duchess of Cambridge. She will leave the business as part of the deal, with current commercial director Gwynn Milligan taking over the role of CEO. Other JoJo directors will be staying in their posts.
Following the sale Ms Tenison said she was "exceptionally proud" of her work growing the brand over the past 30 years. She said: "Growing JoJo from a kitchen table start-up to being the UK’s leading specialist boutique mother and baby brand has been my priority for the past 30 years. I’m exceptionally proud of our achievements, and excited by the opportunities this new partnership will offer to the brand’s future."
Next is expected make an equity investment of £16.3m in the brand once the sale is completed, financed from its own cash resources, with hedge fund Davidson Kempner managed or advised investment firms to acquire the remaining 56%. JoJo Maman Bébé has 87 stores across the UK and a headquarters in Newport, where it has been based for most of its history. Its physical stores will continue to be operated by Next and no job losses are expected as part of the deal, which will see the company's online operations also incorporated into Next's online infrastructure next year.
In 2020 Laura Tenison spoke to WalesOnline about her inspiration to start the business after an accident left her with 20 broken bones, going on to build one of the leading and longest-running childrenswear brands. It started as a mail order business before opening stores on the high street, and has been at its current premises on Oxwich Road in Newport for more than a decade.
Aside from its design studio in London, JoJo Maman Bébé has its head office in Newport which houses many of its key operations including accounts, customer service, retail operations, warehousing, distribution and more.
Like many businesses on the high street, JoJo has felt the impact of the pandemic, which led it to walk away from both its online and in-store trade in the US in 2020 in order to focus on its UK market. It currently employs around 950 people across its online and bricks-and-mortar operations, according to Retail Gazette.
Simon Wolfson, Next chief executive, said: “JoJo Maman Bébé is an outstanding brand in the maternity and children’s sectors – markets we have been present in for a very long time. Next is therefore delighted at the prospect of its Total Platform supporting JoJo on the next stage of its growth and development.
"We are excited to see what can be achieved through the combination of JoJo’s exceptional product with NEXT’s infrastructure and Davidson Kempner as our investment partner.”
