Mosaic Fashions Industry Fashion retail Fate Administration Successor Aurora Fashions Founded 2003 Defunct 2009 Headquarters Iceland
Number of locations 1700+ Area served International Products Clothes Website www.mosaic-fashions.co.uk
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.
The Oasis stores started in 1991, and in 1995 Oasis Stores Plc. was floated on the London Stock Exchange. In April 1998 Oasis purchased the Coast stores. In September 2001 the management team of Oasis Stores Plc, acquired the company via Sierra Acquisitions Ltd., supported by PPM Ventures. Sierra Acquisitions Ltd. later became a part of Sierra Holdings Ltd.
In November 2003 Oasis and Coast were acquired from PPM Ventures by a secondary management buyout, supported by Baugur Group hf. and an investor group led by Kaupthing Bank hf. Noel Ltd. was then established. June 2004 was when the company both changed to Mosaic Fashions, and acquired the Karen Millen and Whistles brands.
In 2005 Mosaic Fashions hf. was listed on the OMX Exchange, Iceland. In 2006 Mosaic Fashions hf. acquired Rubicon Retail, which included the Warehouse, Principles and Shoe Studio brands. In October 2007, Mosaic Fashions was de-listed from the Nordic Stock Exchange. In December 2007 the eveningwear brand Anoushka G was acquired. In January 2008 its interest in Whistles was disposed of.
Insolvency and Aurora Fashions
Mosaic Fashion entered administration on 2 March 2009.
Most of the businesses were immediately sold on to Aurora Fashions, a new company jointly owned by Icelandic bank Kaupthing - a major Mosaic creditor - and Mosaic's former management. The deal saw Aurora take on the majority of Mosaic's ongoing retail stores including Coast, Warehouse and Oasis. Principles was not included in this deal, and was subsequently purchased separately by department store operator Debenhams.
The group's stores traded under the following brands:
- Anoushka G
- Karen Millen
- Shoe Studio
- ^ "Mosaic firms into administration". BBC News. 2009-03-02. http://news.bbc.co.uk/1/hi/business/7919647.stm. Retrieved 2009-03-02.
- ^ "Aurora's dawn", a Retail Week article
- ^ "Kaupthing rescues Mosaic Fashions brands". MSNBC. 2009-03-02. http://www.msnbc.msn.com/id/29467437. Retrieved 2009-03-04. [dead link]
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