Principles (retailer)
Encyclopedia
Principles was a UK-based fashion retailer founded in 1984.
The firm was launched by the Burton Group
(now Arcadia Group) as an attempt to capitalise on the new modern trends in fashion; the mid-1980s was the boom era for the yuppie
, a new upmarket cultural movement, and power dressing
was a key trend: at the time, the Group's ladies' fashion operations (chiefly Dorothy Perkins
) were more mainstream and traditional. Principles was the gazillioneth newly-launched chain from the firm since Topman
in 1978, with the majority of the company's growth over the years having come from acquisitions
.
In 1985 a sister brand aimed at upmarket male shoppers, Principles For Men, was launched; this chain was phased out in the late 1990s/early 2000s as part of a scaling-back of the group's less successful operations. The stores either became main Principles stores, converted to other Arcadia brands, or closed.
Principles remained part of Arcadia Group
until 2001, when it was sold off (along with catalogue brands Racing Green and Hawkshead, and young upmarket fashion chain Warehouse) in a management buyout deal which led to the creation of Rubicon Retail
. Arcadia had decided to dispose of the Principles brand to instead focus on developing the Wallis chain (which they had acquired from Sears plc
in 1999).
Rubicon, and by extension Principles, was subsequently taken over by Mosaic Fashions
in 2005. This deal saw Principles and Warehouse join Coast, Oasis, Karen Millen and Whistles in the Mosaic store network. (Whistles was later sold by Mosaic).
, which already hosted a number of Principles concessions in its department stores, subsequently announced that it would acquire Principles brand and most of the stock. At the time of the Debenhams deal, it was widely speculated that Principles' remaining standalone stores would close as a result of the sale; however, some did remain open, including stores in locations where there is not a main Debenhams store (such as Bluewater). In all, 66 of the chain's stores were initially closed, with others remaining; however, some of the surviving stores were subsequently closed down.
Debenhams and Principles previously been part of same company from 1985, a year after Principles launch, when Burton Group had the Debenhams chain, and it was during this period of common ownership that many of the Principles concessions within Debenhams were established. In 1998, Debenhams was demerged from the rest of the group and began trading independently, although the Principles concessions remained in place
giving his name to the brand, joining numerous other designers as part of the company's key 'Designers at Debenhams' range.
The firm was launched by the Burton Group
Arcadia Group
The Arcadia Group Limited a British company that owns the high street clothing retailers Burton, Dorothy Perkins, Evans, Miss Selfridge, Topman, Topshop, Wallis and BHS, and the out of town chain Outfit, which sells lines from the other group chains...
(now Arcadia Group) as an attempt to capitalise on the new modern trends in fashion; the mid-1980s was the boom era for the yuppie
Yuppie
Yuppie is a term that refers to a member of the upper middle class or upper class in their 20s or 30s. It first came into use in the early-1980s and largely faded from American popular culture in the late-1980s, due to the 1987 stock market crash and the early 1990s recession...
, a new upmarket cultural movement, and power dressing
Power dressing
Power dressing refers to a style of clothing and hair intended to make wearers seem authoritative and competent, especially in professional settings in business, law and government...
was a key trend: at the time, the Group's ladies' fashion operations (chiefly Dorothy Perkins
Dorothy Perkins
Dorothy Perkins, whose trading name was inspired by a rambler rose of the same name, is a large British women's clothing retailer, active mostly in the United Kingdom.- History :...
) were more mainstream and traditional. Principles was the gazillioneth newly-launched chain from the firm since Topman
Topman
TOPMAN is the stand-alone fashion business counterpart of Topshop that caters exclusively to men’s clothing. A part of the Arcadia Group, which also owns Burton, Miss Selfridge, Wallis, Evans, British Home Stores and Dorothy Perkins, Topman has a chain of high-street men's clothing stores located...
in 1978, with the majority of the company's growth over the years having come from acquisitions
Mergers and acquisitions
Mergers and acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or...
.
In 1985 a sister brand aimed at upmarket male shoppers, Principles For Men, was launched; this chain was phased out in the late 1990s/early 2000s as part of a scaling-back of the group's less successful operations. The stores either became main Principles stores, converted to other Arcadia brands, or closed.
Principles remained part of Arcadia Group
Arcadia Group
The Arcadia Group Limited a British company that owns the high street clothing retailers Burton, Dorothy Perkins, Evans, Miss Selfridge, Topman, Topshop, Wallis and BHS, and the out of town chain Outfit, which sells lines from the other group chains...
until 2001, when it was sold off (along with catalogue brands Racing Green and Hawkshead, and young upmarket fashion chain Warehouse) in a management buyout deal which led to the creation of Rubicon Retail
Rubicon Retail
Rubicon Retail was a British retail group which traded between 2002 and 2006.The firm was formed in 2002 when a management buyout of several firms then owned by Arcadia Group took place. This resulted in high street chains Warehouse and Principles, and catalogue retailers Hawkshead and Racing...
. Arcadia had decided to dispose of the Principles brand to instead focus on developing the Wallis chain (which they had acquired from Sears plc
Sears plc
Sears plc was a large British-based conglomerate. The Company was listed on the London Stock Exchange and was once a constituent of the FTSE 100 Index but it was acquired by Sir Philip Green in 1999.-History:...
in 1999).
Rubicon, and by extension Principles, was subsequently taken over by Mosaic Fashions
Mosaic Fashions
Mosaic Fashions hf was the parent company of several fashion brands. The company has 1,760 stores and concessions in the UK, Ireland, Europe and the USA, 234 Franchise stores in 44 countries and 93 joint venture stores including 84 concessions in China....
in 2005. This deal saw Principles and Warehouse join Coast, Oasis, Karen Millen and Whistles in the Mosaic store network. (Whistles was later sold by Mosaic).
Administration and Closure
Mosaic Fashions collapsed in 2009, and a new venture - Aurora Fashions - was created to take on the bulk of Mosaic's brands. However, Principles was not included in the deal and remained in administration. The administrators closed 66 stores due to the initial lack of a suitable buyer before DebenhamsDebenhams
Debenhams plc is a British retailer operating under a department store format in the UK, Ireland and Denmark, and franchise stores in other countries. The Company was founded in the eighteenth century as a single store in London and has now grown to around 160 shops...
, which already hosted a number of Principles concessions in its department stores, subsequently announced that it would acquire Principles brand and most of the stock. At the time of the Debenhams deal, it was widely speculated that Principles' remaining standalone stores would close as a result of the sale; however, some did remain open, including stores in locations where there is not a main Debenhams store (such as Bluewater). In all, 66 of the chain's stores were initially closed, with others remaining; however, some of the surviving stores were subsequently closed down.
Debenhams and Principles previously been part of same company from 1985, a year after Principles launch, when Burton Group had the Debenhams chain, and it was during this period of common ownership that many of the Principles concessions within Debenhams were established. In 1998, Debenhams was demerged from the rest of the group and began trading independently, although the Principles concessions remained in place
Relaunch
In February 2010 Debenhams relaunched the Principles brand as 'Principles by Ben de Lisi' with fashion designer Ben de LisiBen de Lisi
Ben de Lisi is an American born fashion designer based in London. He is best known for his collections with high street store Debenhams, and as a mentor and judge on the television series Project Catwalk. He has also appeared on UK television show Come Dine With Me.Born in New York and raised in...
giving his name to the brand, joining numerous other designers as part of the company's key 'Designers at Debenhams' range.