One of the world's oldest fashion brands has been bought by the owner of Crew Clothing and Moss Bros following the death of its former billionaire owner.
Pringle of Scotland - a knitwear specialist that has counted Grace Kelly, the late Queen and numerous golfing stars among its customers - was quietly acquired last year by US-based Menoshi "Michael" Shina, who led the group of investors that took Moss Bros private in a £22.6 million deal in 2020. The news that Mr Shina has taken a 75% stake in the heritage brand emerged amid recent Companies House filings that show falling revenues and profits at Pringle of Scotland in its latest financial year.
Founded in Hawick in 1815, the company started out making luxury knitted stockings and undergarments. By the early 20th century it was applying its techniques to create outerwear, and became widely known for its argyle diamond designs.
The company remains headquartered in Hawick and has a factory shop there, but its manufacturing plant was closed in 2008 with the loss of 80 jobs. The work was transferred to Italy.
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Pringle of Scotland was previously owned by the late Hong Kong textiles billionaire Kenneth Fang, who died in 2022. The Scottish brand had been under his stewardship since March 2000.
Confirming the latest takeover in July of last year, a spokesman for Pringle said: “Since the acquisition, the team has been focused on evolving the brand while honouring its legacy of producing high-quality, exciting collections.
"During this transitional phase, the team will leverage the expertise of other brands within the corporate family to enhance Pringle’s offerings. Further developments in the brand’s direction will be unveiled in the near future.”
During the 11 months to the end of December 2023, Pringle made a pre-tax profit of £327,000 on revenues of £2.7m. That was down significantly from £733,000 and £4.1m respectively during the previous year, though the comparison is skewed by the change of Pringle's accounting period following the acquisition.
The company has held a warrant to supply the Royal household since 1956 and is said to have been a favourite of Elizabeth II, who is believed to have received one of its pieces every year since 1947. Other advocates include Tilda Swinton, who fronted Pringle's advertising campaign in 2010.
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