The sale of Crew follows a period of strong growth and development for the brand, driven by the appointment of Louise Barnes, who joined the business as CEO in 2014.
Livingbridge invested in Crew in 2006 and has helped materially expand the business with annual revenues nearing £60m from its portfolio of over 80 stores and e-commerce channel. With Livingbridge’s support, Barnes and her management team have navigated the significant changes in retailing to provide customers an integrated multi-channel offering, successfully sharpening the brand positioning, updating the product range, and overhauling the retail and e-commerce channels.
Crew, which has its heritage in British casual coastal style, was founded in 1993 by Alastair Parker-Swift in the back of a windsurfing school in Salcombe, Devon. The brand offers quality smart casual wear, accessories and footwear for men and women, including a range of iconic heritage products, all using its distinctive navy colourway, striped detailing and the crossed oars logo. Alastair Parker-Swift will continue to work with Crew under its new ownership, providing his unique understanding of the brand to the incoming management team and supporting them in the company’s next phase of growth.
Commenting on the exit, Bevan Duncan of Livingbridge said:
“We have really enjoyed working with Crew and look forward to seeing the next stage in its growth story. We would like to take this opportunity to thank Louise Barnes and her team for their dedication to Crew and the work she has led in reinvigorating and strengthening the brand.”
Advisors to Livingbridge
Argyll Partners – Sell side advisors
Pinsent Mason – Legal