The sale values the business at £100m, according to the Telegraph. Bennett will reportedly remain on the board of the company as a non-executive director and will retain a stake of about 30 per cent.
Speaking to the Telegraph, Bennett says: “I have been running the company for almost 18 years and wanted to bring in a partner to help take LK Bennett to the next stage of its development. I am also ready to take more of a back seat and spend more time with my family."
Bennett opened her first store in Wimbledon village in 1990. She first tried to sell her business four years ago but bidders were unwilling to pay the £75m asking price. Since then Bennett has opened 25 new stores to bring the number of outlets in the UK, Jersey, Ireland and France to more than 70.
LK Bennett is expected to generate revenues of £60m for the year ended July, up from £45.5m last year. Operating profits are forecast to increase from £9m to £12m.
Robert Bensoussan, who worked on Burberry’s brand relaunch, has been appointed as LK Bennett chairman.
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