NEWS: 10th AUGUST 2009

ICONIC BRITISH DEPARTMENT STORE UP FOR SALE

Iconic London department store Liberty is reported to be conducting a strategic review of the business which could lead to the eventual sale of the 134 year old shopping institution, along with the Liberty of London luxury fabrics and accessories brand. MWB Group Holdings, the property group that owns a 68 per cent stake in Liberty is reported to be looking for an investor to take over all or part of its stake in the retailer. Based on the current share price the value of Liberty PLC would be approximately £60m.

After a strong Christmas last year, Liberty have concentrated on consolidation in 2009. On 22nd June Vogue reported the Liberty Sloane Street shop lease sold to a European brand, with Liberty's retail arm transferring to Regent Street's newly refurbished store. The store's refurbishment, part of February's 'Renaissance of Liberty' launch, has revitalised the brand, with the business showing double-digit sales growth despite the bleak trading environment for retailers. The recently launched Liberty e-commerce website has also been a major factor in this improvement.

Any new owner would inherit one of Central London's most self-consciously distinctive buildings. The Liberty store's mock Tudor exterior was built in the 1920s, but is one of the most prominent Tudor revival buildings in London, and unique in its central location on the shopper's paradise that is Regent Street. It retains the original Tudor Revival details (with touches of Art Nouveau) inside as well as out, with its subterranean network of atrium's, passageways, small rooms and staircases. Liberty is also renowned for its imaginative and quirky window displays, especially at Christmas, designed by the store's in-house team of window dressers.

The founder of Liberty, Arthur Liberty, spent many years travelling in Japan to gain inspiration for the development of his store, bringing home with him ornaments, rugs and fabrics. He involved William Morris and other famous artists of the 19th century in designing rugs and materials that would form the basis of Liberty's popular fabrics and prints range. Liberty of London is currently under the creative direction of Tamara Salman, formerly of Romeo Gigli and Prada. The Art Collection of fabrics, launched this year, features collaborations with Turner Prize winner Grayson Perry, Paul Morrison, Mike McInnerney, Michael Angove, Anj Smith, and Simon Hart.

Liberty London Fabrics

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