After collapsing for the second time in less than two years, kikki.K has been saved again, this time by Brandbank Group for an undisclosed amount.
Founded by Kristina Karlsson and Paul Lacy 20 years ago, kikki.K currently has 36 stores in Australia and New Zealand.
The luxury stationery retailer first got into financial problems in March 2020 and was placed into receivership under Barry Wright of Cor Cordis. It was sold in June 2020 to Texas-based Erin Condren Designs (EC Designs).
However, due to the uncertain global environment and the risks associated with it, the business was no longer a viable option for EC Designs. kikki.K went into voluntary administration again in August 2021 under Liam Healey and Quentin Olde from Ankura.
“The sale to Brandbank is a great result for the business and its stakeholders including employees and creditors,” says Olde.
“The sale ensures job security for employees who will retain their jobs as stores reopen and the ability for the iconic brand to continue under strong management and stewardship. Once the sale is completed, the administrators will update creditors on the administration process and outcomes.”
Brandbank Group was founded by Peter Lew and includes retail brands such as Seed Heritage, French Connection, Commonry and Allkinds. The completion of the sale is currently subjected to certain conditions and is expected to be completed in the next few weeks.