Laura Ashley has been snapped up by Marquee Brands, the US owner of Ben Sherman.
The US group, which runs 17 brands, said it has bought the fashion and furnishings business from investment firm Gordon Brothers for an undisclosed amount.
Marquee Brands said it plans to “unlock the future potential” of the well-known British business with plans for new products and collaborations.
Laura Ashley, which was founded in 1953, will retain its UK-based team as part of the deal.
The deal comes almost five years after Laura Ashley tumbled into administration at the onset of the Covid-19 pandemic.
The retailer shut its 70 stores for good as result and axed hundreds of jobs.
A year later, it relaunched on UK high streets through a partnership with Next to sell its homeware and furnishings.
The acquisition will mark a key part in Marquee Brand’s expansion strategy, giving the group a European headquarters in London for the first time.
Heath Golden, chief executive officer of Marquee Brands, said: “Laura Ashley’s licensed business model and robust group of high-quality partners makes the brand a seamless addition to Marquee Brands.
“We are excited to harness the strong affinity for this iconic brand and drive expansion across new platforms and partnerships.
“With the existing UK team in place, we are primed and ready to leverage Laura Ashley’s seven-decade legacy to unlock its future potential as a full lifestyle brand innovating new products and categories, offering unique collaborations and engaging multi-generational audiences in key markets worldwide.”
Tobias Nanda, head of brands at Gordon Brothers, said: “As a firm that actively invests in and revitalises iconic brands like Laura Ashley, we acquired the British heritage brand out of insolvency in 2020 and built a flexible, scalable licensing business and a global e-commerce presence over the last four years.
“We could not be prouder of Laura Ashley’s growth under Carolyn D’Angelo’s leadership, the former president of Laura Ashley, and know the brand is in the right hands for continued global growth under Marquee Brands’ leadership.”
