The Conran Shop business and all its assets has been sold to the Marandi family, an investor in branded consumer businesses.
The Conran Shop was founded by Sir Terence Conran in 1973, and the British designer has been the owner of the business since it started.
There are two London branches of the Conran Shop, in Chelsea and Marylebone. Overseas, there are two branches in Paris and four in Japan. Recently, the group opened its biggest store yet in Seoul, South Korea.
The “overall business remained loss-making”
In 2015, the store appointed Hugh Wahla as its CEO. Despite Wahla overseeing “significant operational improvements”, the “overall business has remained loss-making”, according to the company.
Last year, the accountants KPMG were hired to “launch a process exploring the sale, refinance and investment options for the Conran Shop and its subsidiaries”.
After this process, Terence Conran, along with his family, “unanimously chose to proceed with the offer of investment from the Marandi family”.
A “long-term vision”
Terence Conran says that the Marandi family’s “investment is as close to my dream and long term vision for The Conran Shop as we could ever wish for”.
He adds: “I remain passionately fixated on the future and this deal secures our legacy. It was clear we share so many common beliefs and values about the future of the Conran Shop brand globally.
“The Marandi family’s investment and expertise will help our stores grow and build on our rich legacy in the world of design, furniture and the very best products for the home.”
Conran will remain “involved” with the business, though the extent to this involvement is not yet known.
Javad Marandi controls the company that bought the Conran Shop. He says that he is “thrilled” to announce the investment. He adds: “Our role will be to work collaboratively with this wonderful brand and its great team to help it expand and flourish in the future.”
Marandi, who is originally from Iran, has a large property portfolio including Soho Farmhouse’s Oxfordshire estate as well as a luxury hotel in Cognac, France. He also has a majority stake in Wed2B, a fashion website for weddings based in the UK.