Liberty of London is Doing Just Fine - Fashionista

Liberty of London is Doing Just Fine

Everyone's mad for Liberty of London these days, from Target shoppers to Nike collectors. While 2008 was a rough year--the company lost about $5 mil
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Everyone's mad for Liberty of London these days, from Target shoppers to Nike collectors.

While 2008 was a rough year--the company lost about $5 million, it actually earned around $150,000 in 2009.

That's according to the Brit department store's annual report, which was released today.

That might sound like a measley sum, but remember, that's just pure profit. How did Liberty get back in the black?

For one, sales increased dramatically over the last financial year, up 20% to $80 million. Liberty fabrics in particular performed well, with sales increasing by 23% to $29 million.

The company was also helped along by the sell of its London flagship store, which it's now renting back from the owner. Liberty sold it for $56 million and have signed a lease to rent it for $2.7 million per year over the next 30 years.

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Liberty of London: Sold for £32 Million

Private equity firm BlueGem Capital has bought British company Liberty for £32 million, or $48 million (at the current exchange rate). The public company will now delist from the London Stock Exchange. Over the last few years, the famed retailer has aimed to re-invigorate a once-staid image with gazillions of fantastic collaborations, including those with Manolo Blahnik, Nike, and most prominently, Target.