Smythson has been acquired by Oakley Capital, targets US, Europe, Japan growth
The company said it 'marks an exciting new chapter in Smythson's 137-year history of British craftsmanship. Following years of strengthening the brand's foundation and securing its current position, Smythson's partnership with Oakley will help to accelerate growth and expand brand presence'.
The luxury business has become part of Iconic BrandCo, Oakley's vehicle for luxury, heritage brands, which includes 'complementary' labels such as Italian homewares company Alessi, British luxury luggage specialist Globe-Trotter, and British high-end leather goods and apparel brand Connolly, in which Oakley invested only in 2024.
Iconic BrandCo also has investments in Fornasetti and Fabbrica Pelletterie Milano.
The new owner said the label will 'benefit from Oakley's proven value-creation strategies and expertise in accelerating international expansion, digitising operations, enhancing brand positioning and digital marketing. Smythson will leverage this investment to prioritise global growth, with a specific focus on the US, Japanese and European markets, whilst continuing to strengthen the UK home market'.
It will take a multi-channel approach to 'drive growth, expand global distribution, develop international franchise agreements, and launch innovative brand activations and collaborations'.
A few months ago, Smythson filed its accounts for the year to March 2024 and said that turnover for the business increased to £27.26 million from £23.65 million while gross profit rose to almost £19.6 million from just over £16 million. The operating result was still a loss, but a smaller one at £5.9 million compared to £6.9 million the year before. The loss both before and after tax was also down at £6.6 million from a negative £7.3 million a year earlier.
The company, which also closed its New Bond Street store during that financial year, did say in the accounts filing that business was improving. Oakley clearly agrees and sees potential in it.
Smythson's CEO Paolo Porta said: 'We look forward to working closely with Oakley's Iconic Brands group to realise the full potential of Smythson as an exceptional British brand. We will leverage Oakley's expertise in international expansion and brand positioning, whilst continuing to honour the legacy of this beloved heritage brand. All of us at Smythson would like to extend our thanks and admiration to Jacques Bahbout and the Tivoli Group for their leadership and support in recent years, and for enabling us to reinforce Smythson's foundations. We look forward to continuing our longstanding production partnership with Tivoli Group across our leather business.'
And Oakley Capital co-Founder and CEO Peter Dubens added: 'Heritage brands cannot be created overnight: it can take decades or longer to build a loyal customer base through the application of high-quality craftsmanship, product innovation and marketing excellence. We are lucky to be able to welcome Smythson to Oakley.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Euronews
an hour ago
- Euronews
Real-estate luxury: This Spanish city is now the world's hottest hub
The high-end real estate market is shifting, and one European city is at the forefront of this trend. Madrid has claimed the top spot in the 2025 Barnes City Index, a global ranking of the most sought-after cities among ultra-high-net-worth individuals seeking attractive, practical, and financially savvy locations. Spain's capital rose to the top due to several factors. Aside from a laid-back lifestyle and pleasant weather, the city also offers top-notch healthcare, an efficient and well-oiled transport system, quality education and low crime rates. Madrid also ranks fourth among European cities in terms of the number of multinational HQs. What's the price tag for Madrid's luxury real estate market? The price tag is as high as €7.000/square metre (m²) for a premium apartment in the charming Chamartín district, or €1 million for a 100 m² flat in the charming Chamberí district. 'Madrid's appeal as a centre for high-end real estate continues to grow", says Barnes Spain director Alvise Da Mosto. "With a favourable investment climate and a steady increase in the number of foreign buyers, the city is consolidating its status". However, Da Mosto adds that Madrid's positive position in the real estate market could be in peril due to the Spanish government's plans to tax non-European buyers' property purchases. Why is Monaco still a favourite despite astronomical prices? The French-speaking microstate nestled on the Côte d'Azur is home to some of the highest real estate prices in the world, ranging from €40,000 to €100,000/ m². Rates have grown by around 38% in the last ten years. With €1 million, buyers might only be able to afford a 25 m² studio in an average luxury building. But Monaco remains a favourite among the wealthy due to its reputation for being very safe, including complete CCTV coverage and the highest ratio of police officers per inhabitant in the world. And, of course, it charges no income, capital gains or inheritance tax for individuals. Milan: Matching prestigious estate and 'reasonable' prices Milan rounds up the top five, just after Monaco. Italy's financial capital climbed 17 spots from last year. According to Barnes, €1 million should be enough to land you a 120 sq m² apartment in the Centro Storico, Milan's old medieval centre. The Lombard hub snatched a top-five spot thanks to a "highly diversified market" that offers renovated century-old palaces as well as sleek modern residences equipped with top-level amenities. Barnes calls the city's prices "reasonable" for prestigious real estate (from €9,000/m² to €21,000/m² for exceptional properties) 'In less than a generation, Milan has dusted off its image to establish itself as one of the major destinations on the world map of prestige real estate. The quality of life in its historic centre is incomparable', says Barnes Italy Business Development Luca Pietro Ungaro. Madrid and Milan driving 'silent revolution' in upscale real estate The Index describes a new trend in the luxury real estate market whereby history and heritage matter more than the sole infrastructural value. 'Madrid or Milan meet the expectations of ultra-high net-worth individuals, who prefer authentic destinations where they can immerse themselves in the art of living, while benefiting from solid fundamentals, such as quality schools and universities, modern infrastructure and significant value-added potential". The real estate company says investors are being driven by the "seven Rs": resell, repair, renovate, rehabilitate, reuse, recycle and reinvent. 'We're witnessing a silent revolution, a craze for movable and immovable assets that have a past and a soul", the report reads, noting that customers are now looking for properties that have been renovated or transformed, maximising their value while respecting their history. When it comes to other cities, the Greek capital of Athens jumped an impressive 17 spots to place 16th from last year's 33rd place. Meanwhile, Lisbon dropped to 25th following 2024's remarkable 8th place. Washington, D.C. witnessed a similar decline, slipping down 30 spots to rank 50th in 2025.
Fashion Network
2 hours ago
- Fashion Network
Lancel ends fiscal year with 6.5% revenue growth
Lancel wrapped up its 2024–2025 fiscal year on a high note, reporting €68.8 million in revenue—a 6.5% year-on-year increase. The French leather goods house, owned by Italy's Piquadro Group since 2018, recorded growth across all distribution channels. Sales through Lancel's directly operated network—which spans around 80 boutiques, including more than 60 in France—rose by 8.7%. Like-for-like growth was even stronger, reaching 12.8%, while wholesale revenue posted a 2.8% uptick. Lancel's strong performance reflects the ongoing repositioning strategy it launched after Italy's Piquadro Group acquired the brand from Swiss luxury company evolution also includes a creative shift, marked by the appointment of Valeria Vigorelli—formerly of Chloé—as creative director at the end of 2023. 'In a challenging and unpredictable economic and geopolitical environment, the Piquadro Group has once again demonstrated resilience. We're pleased to end the 2024–2025 fiscal year with a 1.9% increase in revenue and a 10% rise in net profit. These results confirm the strength of our medium- and long-term strategy,' said Marco Palmieri, CEO and owner of the Italian leather goods group. 'We're especially proud of Lancel's performance, as the brand has returned to profitability for the first time—clear evidence of the success behind our repositioning and streamlining efforts,' Palmieri added. At the group level, including Piquadro and The Bridge, total revenue reached €183.6 million, marking a 1.9% year-on-year increase. EBITDA came in at €31.4 million, slightly below the €32 million reported as of March 31, 2024.
France 24
2 hours ago
- France 24
Greece starts charging tourist tax on cruises
Cruise ships docking at the popular islands of Santorini and Mykonos will pay 20 euros ($23.62) per passenger. "In accordance with the law, the tax will be applied in Santorini, Mykonos and other islands in lesser measures," a finance ministry spokesman told AFP. Cruise ships to smaller islands will pay a tax of five euros per passenger, according to the new regulations. Greece hopes to bring in up to 50 million euros a year with the tax, which will apply during the high tourism season, from June 1 to September 30. Greece adopted the legislation last year in an effort to curb soaring tourist numbers to often-overcrowded destinations, the latest country in Europe to take such measures. Italian authorities in Venice, one of the world's top tourist destinations, last year introduced payments for day visitors, who must pay an access fee of five euros ($5.90) on certain days. In Spain, the government has cracked down on illegal short-term tourist rentals, with sites like Airbnb and ordered to take down thousands of ads amid local alarm about increasingly scarce and unaffordable housing. The hugely popular island of Ibiza in June began limiting the number of incoming tourist cars and caravans because of the increasing numbers of visitors. Locals in Barcelona and elsewhere in Spain, the world's second most-visited country, have held protests against over-tourism. Saturation point Greece plans to use the money raised to upgrade over-strained infrastructure on the islands, including their ports, which are often too small to receive multiple cruise ships at once. Tourism, and the cruise industry in particular, is booming in Greece. Cruise ship passenger numbers surged 13.2 percent last year to 7.9 million, according to the Hellenic Ports Association, which predicts the trend will continue. Mykonos, known as a party destination for international jet-setters, received nearly 1.3 million visitors last year, up 8.4 percent from the previous year. Perched on a volcano, Santorini received more than 1.3 million passengers last year, up four percent. The island last year limited cruise ship arrivals to 8,000 passengers per day, yet on the first day of the tax, four ships with around 8,400 passengers were scheduled to dock in Santorini, according to port authority figures. Famed for its sunsets, the island is saturated with tourists in some areas, causing traffic jams, water shortages, waste management headaches and other problems. Some residents also complain about the pollution generated by the ships, while local businesses say passengers often stay just a few hours and spend little. But not everyone is happy with the new tax. The head of the local port authority, Athanasios Kousathanas-Megas, demanded on Friday that the government delay the rollout, complaining the tax creates "unfair competition" between highly taxed islands and the rest. The cruise industry has hit back at criticism, saying cruise passengers are a small minority of total tourists and generate $2 billion in revenues per year for Greece. Last year, 40.7 million tourists visited Greece, up 12.8 percent from 2023, according to official figures. © 2025 AFP
