Pink Shirtmaker snapped up by former JD Sports exec

British formalwear brand Pink Shirtmaker is reportedly under new ownership after being put up for sale late last year by LVMH.

The company, which was previously called Thomas Pink before being rebranded in 2018, has been acquired by former JD Sports executive Nick Preston, The Mail on Sunday reports.

Pink Shirtmaker, which was founded in 1984 by brothers Peter, James and John Mullen, was forced to shutter its stores last year during the pandemic.

It also emerged last year the label would permanently close its flagship store on Jermyn Street in London.

LVMH, which acquired the brand in 1999, put it up for sale late last year.

Preston, who has also spent time at Harvey Nichols and House of Fraser, has now reportedly secured a deal to buy the brand and ita intellectual property. The deal does not include its website or physical stores.

A new holding company called Thomas Pink Shirtmaker has reportedly been set up in the US.

This follows similar acquisitions this year by Debenhams and Arcadia-owned Topshop, whose new owners snapped up the brands while stripping away the store estates to focus on a more modern, online-first strategy.

Pink Shirtmaker, like many of its competitors, faced extra pressure during the pandemic as demand for formalwear plummeted.

The business hasn’t revealed financial figures for the 2020 fiscal year, but revenue in 2019 fell to 12.2 million pounds from 15.4 million pounds the year before, while losses widened to 41 million pounds from 23.9 million pounds.

The company earlier this year posted on a new website: “Don’t fret - we’ll be back soon. We’re excited to announce that we’re returning to our roots with the same team that has helped build Thomas Pink Shirtmakers over the years.

“We have some things to iron out and button up, but will be back soon with an improved website to offer you the highest quality English shirting made for modern life that you have come to know and love.”

Image: Pink Shirtmaker