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Fat Face

Topic: Company

 From HandWiki - Reading time: 3 min
Short description: Lifestyle clothing and accessories retailer, based in the UK
FatFace
TypeClothing & Accessories
Key people
  • Stuart Rose, Chairman
  • Anthony Thompson, Chief Executive
ProductsClothing
Footwear
Accessories
RevenueIncrease 200 million GBP (2013)[1]
OwnerBridgepoint Capital (55%)
Tim Slade (6%)
Jules Leaver (6%)
Fat Face Employees (13%)
Other (20%)
Websitewww.fatface.com
Fat Face, Putney Exchange, London (now closed)

Fat Face is a British lifestyle clothing and accessories retailer, based in Hampshire. It was founded in 1988 by Tim Slade and Jules Leaver as a business selling T-shirts at ski resorts.[2][3] The company opened its first retail shop in 1993; (As of 2014) there were 209 Fat Face stores in the United Kingdom and Ireland.[4][1]

History

The business was founded in 1988 in French ski resort Méribel by Tim Slade, a former policeman, and business graduate Jules Leaver. The pair bought T-shirts wholesale, had them printed with designs specific to the resort, and sold them to other skiers on the slopes - at first using the proceeds only to fund their own skiing.[3] They spent the following years travelling to different ski resorts, where they continued to produce and sell ski and outdoor-related clothing.[3] In 1993 they opened their first shop, on London's Fulham Road; they named it "Fat Face" after the Face de Bellevarde slope in Val-d'Isère.[3][4] In 2000, they sold 40% of the company to Livingbridge for £5 million.[5] In 2005 Advent International, a private equity company, bought Livingbridge's interest in FatFace.[6]

In 2007 Fat Face was acquired, for £360 million, by private equity group Bridgepoint Capital;[7] the sale netted Slade and Leaver £90 million.[8] The company's sales were badly hit by the Great Recession, forcing Bridgepoint to write off half the company's value,[8] but improved in 2010 and again in 2011,[9] and Fat Face returned to a small profit in 2012.[citation needed] Bridgepoint planned to float a quarter of the company on the London stock exchange in 2014, hoping to raise £110 million, but later cancelled the flotation due to lack of confidence by prospective stockholders.[1][7]

The Chief Executive is Liz Evans, who joined in March 2019 replacing Anthony Thompson.[10] Evans had previously run Oasis/Warehouse.[10] In 2013 Bridgepoint hired former Marks and Spencer Chief Executive Stuart Rose to be FatFace's Chairman; Rose replaced Alan Giles as Chairman.[11]

In March 2021 Fat Face revealed to customers and staff that they had been subject to a ransomware attack in January 2021[12][13][14] and paid $2 million ransom to Conti cyber criminals to unlock encrypted data.[15]

In September 2021, Liz Evans stepped down as CEO and was replaced by Will Crumbie. At that point, Crumbie had been with the business for eight years as CFO. Before FatFace he held senior financial and executive positions within the Walgreen Boots Alliance Group and P&O.

References

  1. ↑ 1.0 1.1 1.2 Gareth Mackie (10 July 2014). "Fat Face profits rise despite flotation u-turn". The Scotsman. http://www.scotsman.com/business/retail/fat-face-profits-rise-despite-flotation-u-turn-1-3471936. Retrieved 14 July 2014. 
  2. ↑ James Hall (22 January 2010). "Asda clothing boss Anthony Thompson defects to Fat Face". The Daily Telegraph. https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7046742/Asda-clothing-boss-Anthony-Thompson-defects-to-Fat-Face.html. Retrieved 14 July 2014. 
  3. ↑ 3.0 3.1 3.2 3.3 Lina Saigol, Andrea Felsted (20 January 2014). "The ski bums who understood the bottom line". Financial Times. http://www.ft.com/cms/s/0/b51f76b8-81db-11e3-a600-00144feab7de.html. Retrieved 14 July 2014. 
  4. ↑ 4.0 4.1 Jonathan Prynn (2 September 2004). "Fat Face pair could scoop £35m". London Evening Standard. https://www.standard.co.uk/news/fat-face-pair-could-scoop-35m-6943630.html. Retrieved 14 July 2014. 
  5. ↑ "Isis set to land £20m in Fat Face market listing". The Scotsman. 7 February 2004. http://www.scotsman.com/business/finance/isis-set-to-land-163-20m-in-fat-face-market-listing-1-1298895. Retrieved 14 July 2014. 
  6. ↑ "Fat Face bought". Retail Week. 9 May 2005. http://www.retail-week.com/sectors/fashion/fat-face-bought/41741.article. Retrieved 14 July 2014. 
  7. ↑ 7.0 7.1 Scott Campbell (9 Jul 2014). "Fat Face reports sales rise after abandoned IPO plans". The Daily Telegraph. https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/10957475/Fat-Face-reports-sales-rise-after-abandoned-IPO-plans.html. Retrieved 14 July 2014. 
  8. ↑ 8.0 8.1 Richard Fletcher (15 March 2010). "Fat Face loses £225m on write-offs". The Daily Telegraph. https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7442971/Fat-Face-loses-225m-on-write-offs.html. Retrieved 14 July 2014. 
  9. ↑ "Fat Face : company profile". Retail Week. http://www.retail-week.com/companies/fat-face. Retrieved 14 July 2014. 
  10. ↑ 10.0 10.1 Singh, Prachi (2018-10-18). "Liz Evans to join Fat Face as CEO in January 2019" (in en-gb). https://fashionunited.uk/news/people/liz-evans-to-join-fat-face-as-ceo-in-january-2019/2018101839504. 
  11. ↑ Jahshan, Elias (15 April 2019). "Lord Rose warns Mike Ashley over retail "oligopoly" ambitions". https://www.retailgazette.co.uk/blog/2019/04/lord-rose-warns-mike-ashley-over-retail-oligopoly-ambitions/. 
  12. ↑ Collins, Barry. "FatFace Hack: Staff Are Told Bank Details May Have Been Stolen" (in en). https://www.forbes.com/sites/barrycollins/2021/03/25/fatface-hack-staff-are-told-bank-details-may-have-been-stolen/. 
  13. ↑ "Fat Face's 'Strictly Private' Data Breach Notification" (in en). https://www.bankinfosecurity.com/blogs/fat-faces-strictly-private-data-breach-notification-p-3007. 
  14. ↑ Visavadia, Hemma (2021-03-26). "Fat Face reveals it was a victim of a cyber attack" (in en-GB). https://www.retailsector.co.uk/615979-fat-face-marks-cyber-attack-as-private-and-confidential/. 
  15. ↑ "Retailer FatFace pays $2m ransom to Conti cyber criminals" (in en). https://www.computerweekly.com/news/252498463/Retailer-FatFace-pays-2m-ransom-to-Conti-cyber-criminals. 

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