UK-based lifestyle retailer Ralph and Russo has accepted a bid from private equity firm Retail Ecommerce Ventures (REV) to acquire its business and assets.
Ralph and Russo is an international luxury brand specialising in couture, ready-to-wear items, leather goods, accessories and sunglasses for women.
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In March, the company entered administration after failing to secure funding.
The financial terms of the bid have not been disclosed. An announcement in relation to the sale is expected to be made next week.
Retail Ecommerce Ventures co-founder and executive chairman Tai Lopez said: “Ralph and Russo is a globally celebrated brand with a unique position in the luxury sector and significant brand affinity.
“With REV’s investment, there is massive potential for the Ralph and Russo brand to retain and grow its market leading position at the forefront of luxury design.”
Ralph and Russo will complement other brands in REV’s retail portfolio, including Dressbarn, Stein Mart and homeware retailer Pier I.
Paul Appleton of Begbies Traynor Group and Andrew Andronikou of Quantuma Advisory will serve as the company’s joint administrators.
The joint administrators conducted a thorough and extended sales process that generated ‘an immense amount of global interest’. Several other parties besides REV submitted bids for Ralph and Russo in this process.
Mr Appleton said: “Retail Ecommerce Ventures has a strong track record of acquiring and growing iconic retail brands globally.
“The joint administrators are confident that this acquisition will bolster the success of the Ralph and Russo brand worldwide.”
Ralph and Russo was founded in 2010 by creative director Tamara Ralph and Michael Russo. It is not clear whether Ms Ralph and Mr Russo will have active ongoing roles in the business under its new ownership.
Last December, REV’s majority-owned subsidiary, Stein Mart Online, won a bankruptcy court auction to acquire department store chain Stein Mart.
