Clothing chain Next Plc has purchased Fabled by Marie Claire, a premium beauty and wellness retailer, from Ocado Group.
The purchase was for a small upfront payment; the agreement includes “an earn-out based on sales in each of the four years ending January 2021 to January 2024, with a minimum guaranteed payment of 3 million pounds ($3.78 million),” reports Reuters.
Founded in 2016 by the eponymous fashion magazine, Fabled by Marie Claire trades online through Fabled.com and a dedicated store in London, operated by Marie Claire Beauty Ltd. It sells products from brands including Nars, Tom Ford and Yves Saint Laurent.
“The recent JV with [Marks & Spencer] has meant that the center of gravity at Ocado Group has shifted,” said Ocado chief executive officer Tim Steiner. “In the light of our strategic evolution ... we decided that it would be in the best interests of all parties to now pass the baton so that Next can take Fabled forward.”