Press Release
Duane Morris Assists N Brown Group plc in Acquisition of Major Internet Retailer Figleaves
LONDON, June 18, 2010—International law firm Duane Morris LLP is pleased to announce that a team of the firm's lawyers served as lead counsel to Internet and catalog home-shopping company N Brown Group plc in its acquisition of Internet lingerie retailer Figleaves Global Trading Limited, which trades as Figleaves.com. The acquisition of Figleaves, including the entire share capital, brand and website, will consolidate N Brown's position as the UK's number-one online lingerie retailer, according to Kantar Worldpanel.
Duane Morris partners Jonathan Armstrong and Mark Hartley in London led the team—which also included partners Jonathan Cohen in London and Richard Silfen in Philadelphia—in overseeing all aspects of the acquisition.
Figleaves is an online destination for lingerie, underwear and swimwear, which is forecast to generate turnover of 23 million pounds for the year to June 2010. More than 1.2 million customers visit the website each month, and the business delivers to over 100 countries, including the United States.
The acquisition expands N Brown's brand portfolio to appeal to a broader demographic group. The board of N Brown Group believes there are significant opportunities to generate sales and profit growth through managing the business as part of a broader portfolio of brands. N Brown will be working with the existing management team to create an integration plan and activity to grow the business, utilizing the benefits of N Brown's scale and identifying cross-selling opportunities from its other clothing and footwear ranges.
"We were delighted to help N Brown in acquiring such an iconic online brand," said Armstrong. "This deal brought together our knowledge of the fashion industry and the experience we've built up in advising online businesses. It's a real fit for our client, and we're happy to have played our part."
About Duane Morris
Duane Morris LLP, a full-service law firm with more than 700 attorneys in 24 offices in the United States and internationally, offers innovative solutions to the legal and business challenges presented by today's evolving global markets.
