June 19, 2019 / 1:30 PM / a month ago

Next buys Fabled by Marie Claire from Ocado

FILE PHOTO: Shoppers pass a branch of Next retail in London, Britain, September 15, 2016. REUTERS/Toby Melville/File Photo

(Reuters) - Clothing chain Next Plc has bought premium beauty and wellbeing retailer Fabled by fashion and beauty magazine Marie Claire from Ocado Group for a small upfront payment, the online grocer said on Wednesday.

Fabled by Marie Claire, founded in 2016, trades online through Fabled.com and through a dedicated premium beauty retail store in London, operated by Marie Claire Beauty Ltd.

Next has bought Marie Claire Beauty with an agreement of 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), Ocado said here

“The recent JV with M&S has meant that the center of gravity at Ocado Group has shifted. 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,” Ocado Chief Executive Officer Tim Steiner said.

Marks and Spencer and Ocado launched an online food joint venture in February, belatedly giving M&S a home-delivery service while netting $1 billion for its fast-growing technology providing partner.

Fabled.com sells products from high end beauty brands including Shiseido, La Mer, Tom Ford, Estee Lauder, Lancome and Bobbi Brown.

Next currently retails more than 100 beauty brands through Fabled, including Clinique, Benefit, Smashbox, Burberry, Gucci.

Reporting by Tanishaa Nadkar and Noor Zainab Hussain in Bengaluru; Editing by Shailesh Kuber

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