Country casual brand Joules has been given a lifeline by Next with the offer of a £15m investment in the business and use of its online and distribution service Total Platform.
Joules has had a tough year, with “significant” pressure on gross margins and plans to drop its EU and US wholesale operation, cut the amount of products sourced from China, as well as the announcement that chief executive Nick Jones was leaving the business.
Shares in Joules had slumped over the last year, but were buoyed by the Next news – the headquarters of both businesses are in Leicestershire and Next already sells Joules products online.
