{{Short description|British clothing retail company}} {{For|people with the same name|Ted Baker (disambiguation)}} {{Use dmy dates|date=April 2022}} {{Infobox company | name = ABG-TB IPCO (UK) Limited | logo = TedBaker.svg | logo_upright = 0.8 | image = Ted Baker (51396505850).jpg | image_caption = Ted Baker store in Midtown Manhattan, New York | trading_name = Ted Baker | type = Private | founder = Ray Kelvin | location_city = London | location_country = England | key_people = | industry = Fashion | products = {{hlist|Ready-to-wear|footwear|accessories|homewear}} | revenue = {{increase}} £617.4 million (2019)<ref name=ar2019>{{cite web|url=http://www.tedbakerplc.com/~/media/Files/T/Ted-Baker/results-and-reports/report/2019/2018-19-annual-report.pdf|title=Annual Report & Accounts 2018/19|publisher=Ted Baker|access-date=3 October 2019|archive-date=25 May 2021|archive-url=https://web.archive.org/web/20210525063132/https://www.tedbakerplc.com/~/media/Files/T/Ted-Baker/results-and-reports/report/2019/2018-19-annual-report.pdf|url-status=dead}}</ref> | operating_income = {{decrease}} £54.5 million (2019)<ref name=ar2019/> | net_income = {{decrease}} £40.7 million (2019)<ref name=ar2019/> | num_employees = | homepage = {{URL|tedbaker.com}}<br />{{URL|tedbaker.us}} | foundation = Glasgow, Scotland (1988) | owner = {{ubl|Authentic Brands Group {{smaller|(2022–present)}}}} }}
'''Ted Baker''' is a British clothing brand founded in 1988 in Glasgow, Scotland, which traded in shops under the Ted Baker name until falling into administration in March 2024. It was relaunched online in November 2024.<ref name=":0">{{Cite web |last=Morgan |first=Aoife |date=2024-11-19 |title=Ted Baker relaunches website in the UK - Retail Gazette |url=https://www.retailgazette.co.uk/blog/2024/11/ted-baker-website/ |access-date=2025-03-14 |language=en-GB}}</ref> The brand is styled as 'Ted Baker, London', and is known for male and female clothing, accessories, aftershaves and perfumes.<ref name= "Ted">{{Cite web |title=Ted Baker|url=https://www.tedbaker.us/|access-date=27 March 2024}}</ref><ref name="Observer">{{Cite news|title=Why Ted Baker is poorly suited to today's high street|url=https://www.theguardian.com/fashion/2019/dec/13/ted-baker-poorly-suited-todays-high-street|work=The Guardian|date=13 December 2019|access-date=26 March 2024}}</ref><ref name="timeline">{{cite web|title=Our Timeline|url=http://www.tedbaker.com/about_us/our_timeline/content.aspx|publisher=Ted Baker|access-date=4 July 2021|archive-date=10 May 2012|archive-url=https://web.archive.org/web/20120510003150/http://www.tedbaker.com/about_us/our_timeline/content.aspx|url-status=dead}}</ref>
At its peak, the brand had over 500 shops and concessions around the world, and was regarded as a desirable, high status fashion brand.<ref name="Guardian2022">{{Cite news|title=Ted Baker agrees takeover by US Reebok owner |url=https://www.theguardian.com/business/2022/aug/16/ted-baker-agrees-takeover-by-us-reebok-owner|work=The Guardian|date=16 August 2022|access-date=26 March 2024}}</ref><ref name="Observer"/> The company was acquired by Authentic Brands Group, the American owners of Reebok, for £211 million in October 2022.<ref name="Guardian2022"/> In March 2024, Ted Baker called in the administrators for its European operations, due to years of problems, poor sales, and mounting debts.<ref name="Drapers">{{Cite web|title=Ted Baker furloughs 75% of workforce|url=https://www.drapersonline.com/news/ted-baker-furloughs-75-of-workforce|date=3 April 2020|access-date=24 April 2020}}</ref><ref name="Administration1">{{Cite news|title=Ted Baker calls in administrators in latest UK fashion collapse|url=https://www.standard.co.uk/business/ted-baker-administrators-uk-fashion-collapse-insolvency-authentic-brands-no-ordinary-designer-label-b1146263.html|last=O'Boyle|first=Daniel|work=Evening Standard|date=20 March 2024|access-date=26 March 2024}}</ref> In April 2024, Ted Baker's global operation was reported as close to collapse, with mass shop closures, and bankruptcy.<ref name="Shopclosures2024">{{Cite news|title=245 jobs to go as insolvent Ted Baker to close 15 shops — including four in London|url=https://www.standard.co.uk/business/ted-baker-administration-shops-closed-jobs-layoffs-insolvent-fashion-retail-high-street-b1150120.html|date=8 April 2024|access-date=8 April 2024}}</ref><ref name="Europeancollapse2024">{{Cite web|title=Ted Baker's European arm faces collapse, 149 jobs at risk|url= https://www.retailsector.co.uk/652945-ted-bakers-european-arm-faces-collapse-149-jobs-at-risk/|website=retailsector.co.uk|date=29 April 2024|access-date=25 April 2024}}</ref><ref name="Canadacollapse">{{Cite web|title=Ted Baker's North American Arm Follows U.K. Business Into Bankruptcy|url= https://www.wsj.com/articles/ted-bakers-north-american-arm-follows-u-k-business-into-bankruptcy-3608910d|work=Wall Street Journal|date=25 April 2024|access-date=25 April 2024}}</ref> As of August 2024, all Ted Baker UK and Ireland branches of the store were due to close.<ref name="EndofTed">{{Cite web |date=19 August 2024 |title=Ted Baker to close all remaining shops this week putting 500 jobs at risk |website=Independent.co.uk |url=https://www.independent.co.uk/news/uk/home-news/ted-baker-stores-closing-b2598220.html |access-date=19 August 2024}}</ref> Ted Baker’s ecommerce operations were purchased by United Legwear & Apparel Co. and its website was relaunched in November 2024.<ref name="eyes">{{cite news |last1=Mills |first1=Chloe |title=Ted Baker eyes high street return |url=https://www.drapersonline.com/news/ted-baker-eyes-high-street-return |work=Drapers |date=31 July 2025}}</ref>
==History== Founder Ray Kelvin, named the company after a self-styled alter ego, an "intrepid aviator, an all-round sportsman and the consort of princesses and Hollywood beauties".<ref>{{cite news|title=Former boss ready to dress Ted Baker for private party|url=https://www.thetimes.com/uk/article/former-boss-ready-to-dress-ted-baker-for-private-party-xd6583zmk|work=The Times|date=22 July 2019|access-date=4 July 2021}}</ref> Kelvin opened his first Ted Baker store in March 1988 in Glasgow, and soon opened further stores in Manchester and Nottingham. In 1990, Ted Baker opened a store in Covent Garden, London, with further stores in London's Soho, Nottingham and Leeds. A new range, Ted Baker Woman, was launched in 1995. The next few years were a time of rapid expansion, with Ted Baker stores, and wholesale operations, opening all over the world, and Ted Baker product lines expanding. In 1998, the company launched their first website.<ref name="timeline" /> The company moved into their London headquarters, The Ugly Brown Building, in 2000.<ref name="timeline"/>
Sales of Ted Baker would remain strong throughout the early 2000s. In October 2009, the first problems for the brand were reported, with The Independent financial section reporting problems in Ted Baker's wholesale sales. At this time, Ted Baker shares traded for 460.75p.<ref>{{cite news|title=Investment Column: Ted Baker hasn't gone out of fashion yet|url=https://www.independent.co.uk/news/business/sharewatch/investment-column-ted-baker-hasn-t-gone-out-of-fashion-yet-1799928.html|work=The Independent|date=9 October 2009|access-date= 27 March 2024}}</ref> Over the next few years, Ted Baker would continue opening stores around the world, including in August 2012, a Ted Baker store on Fifth Avenue in New York.<ref>{{cite news|title=Jubilee celebration gives Ted Baker a lift|url=https://www.standard.co.uk/business/business-news/jubilee-celebration-gives-ted-baker-a-lift-7843754.html|date=12 June 2012|access-date= 12 June 2012}}</ref> In 2014, Ted Baker launched luggage, home fragrance, and audio, as well as collections.<ref name="timeline"/> As of 2018, Ted Baker had 500 stores and concessions worldwide: 192 in the UK, 98 in Europe, 111 in the US and Canada, 80 in the Middle East, Africa, and Asia, and nine in Australia.<ref name="Guardian2022"/><ref name=AR>{{cite web|title=Preliminary Results 2018|url=http://www.tedbakerplc.com/~/media/Files/T/Ted-Baker/results-and-reports/press/2018/annual-results-52-weeks-ended-27-january-2018.pdf|date=27 January 2018|access-date=30 March 2018}}</ref> The company purchased its London headquarters for £58.25 million in 2017.<ref>{{cite web|title=Is there more growth from Ted Baker after 2,300% return in 20 years?|url=http://walbrockresearch.com/is-there-more-growth-from-ted-baker-after-2300-return-in-20-years/|website=walbrookresearch.com|date=6 June 2017|access-date=6 June 2017|archive-date=20 December 2017|archive-url=https://web.archive.org/web/20171220155420/http://walbrockresearch.com/is-there-more-growth-from-ted-baker-after-2300-return-in-20-years/|url-status=dead}}</ref> Despite certain problems, the 2010s would see sustained growth for the company. In March 2018, Ted Baker shares reached their all-time high price of 3,214p a share.<ref name="Guardianforced">{{Cite news|title=Ted Baker staff launch petition over 'forced hugging'|url=https://www.theguardian.com/business/2019/mar/04/ted-baker-boss-ray-kelvin-quits|work=The Guardian|date=4 March 2019|access-date=27 March 2024}}</ref>
[[File:Ted Baker, Brompton Road, London, June 2016 01.jpg|thumb| left | Ted Baker store, Brompton Road, London in 2016]]
2018 saw Ted Baker mark 30 years as a company, by releasing a range of celebratory 30-year anniversary items, and the company's first official advertising campaign.<ref name="timeline"/> However, 2018 would prove to be a very difficult year for the brand. In December 2018, allegations against founder and CEO Ray Kelvin emerged, with petition signed by 300 current and past employees accusing Kelvin of 'forced hugging'.<ref name="Guardianforced"/> After initially taking a leave of absence in response to allegations, on 4 March 2019, it was announced that Kelvin had resigned, and would be leaving the company immediately, with Lindsay Page taking over as CEO.<ref name="BBC">{{Cite news|title=Ted Baker staff launch petition over 'forced hugging'|url=https://www.bbc.co.uk/news/business-46417578|work=BBC News|date=2 December 2018|access-date=2 December 2018}}</ref><ref name="Absence">{{Cite news|title=Ted Baker boss takes leave of absence|url=https://www.bbc.co.uk/news/business-46489021|work= BBC News|date=7 December 2018|access-date=7 December 2018}}</ref><ref name="Resigns">{{Cite news|title=Ted Baker founder Ray Kelvin resigns amid 'forced hugging' row|url=https://www.bbc.co.uk/news/business-47438641|work=BBC News|date=4 March 2019|access-date=30 December 2019}}</ref> At this time, the retailer also issued a profit warning, after writing off £5m of unsold clothes. At this time, Ted Baker shares were trading at 1,973.5p.<ref name="Guardianforced"/> In December 2019, poor trading figures led to Page and executive chairman David Bernstein stepping down from their roles, and Rachel Osborne being appointed acting CEO.<ref name="Collie">{{Cite news|title=Nightmare before Christmas for Ted Baker as top bosses quit after profits take a nosedive|url= https://www.standard.co.uk/business/business-news/ted-baker-chief-executive-chairman-profits-a4309291.html|work=Evening Standard|date=10 December 2019|access-date=30 December 2019}}</ref><ref name="Kollewe">{{Cite news|title=Ted Baker bosses quit as it warns over profits plunge|url=https://www.theguardian.com/business/2019/dec/10/ted-baker-chief-quits-profits-fashion-retailer|work=The Guardian|last1=Butler|first1=Sarah|last2=Kollewe|first2=Julia|date=10 December 2019|access-date=30 December 2019}}</ref>
In 2019, The Observer criticised Ted Baker for "high prices and out-of-step styling", noting that the brand had been overtaken by multiple competitors. The Observer also cited excessive diversification as one of the reasons for the brand's decline.<ref name="Observer"/> In 2019, the company issued four profit warnings, including blaming unseasonably warm weather during what would traditionally be the beginning of the Autumn/Winter selling season.<ref>{{cite web|title=How Ted Baker fell apart, leaving hundreds facing redundancy|url=https://inews.co.uk/news/business/ted-baker-administration-redudancies-2964196|date=19 March 2024|access-date=26 March 2024}}</ref> Ted Baker's troubles continued in 2020, as in January 2020, the firm revealed that an accounting error was twice as big as had been previously thought, leaving a £58m hole in its balance sheet.<ref>{{Cite news|title=Ted Baker balance sheet error worse than feared as woes deepen |url=https://www.theguardian.com/business/2020/jan/22/ted-baker-balance-sheet-error-worse-than-feared-as-woes-deepen|work=The Guardian|date=22 January 2020|access-date=22 April 2024}}</ref> In April 2020, Ted Baker furloughed nearly 2,000 employees, around 75% of their workforce, including head office staff, due to the COVID-19 pandemic. The company also suspended non-essential capital expenditure and halted any discretionary operating expenses. In March 2020, the company sold their London headquarters, The Ugly Brown Building, for £78.8m.<ref name= "Drapers"/> At this time, Ted Baker's problems started attracting wide attention in the media, with the company referred to in the media as 'struggling' and 'troubled'.<ref name= "Drapers"/><ref name="Observer"/>
[[File:Ted Baker at Indooroopilly Shopping Centre 06.JPG|thumb|Ted Baker store in Brisbane, Australia]]
In October 2022, after years of troubles, and falling sales, Ted Baker was acquired by Authentic Brands Group (ABG) for £211 million.<ref name="Guardian2022" /> Authentic Brands, owners of Reebok and the David Beckham brands, pledged to revive the fortunes of the Ted Baker brand.<ref>{{Cite web|title=Authentic Brands completes £211m acquisition of Ted Baker |url=https://www.retailgazette.co.uk/blog/2022/10/authentic-brands-completes-211m-acquisition-of-ted-baker/|date=21 October 2022|access-date=26 March 2024}}</ref> Under the terms of the ABG takeover, Ted Baker plc's shareholders were paid £1.10 per share, as the deal marked the end of the company's listing on the London Stock Exchange.<ref>{{Cite web|title=Ted Baker to be taken over by Authentic Brands in £211m deal|url=https://www.sharecast.com/news/news-and-announcements/ted-baker-to-be-taken-over-by-authentic-brands-in-pound211m-deal--10423006.html|website=sharecast.com|date=16 August 2022|access-date=27 March 2024}}</ref><ref name="Guardian2022"/> Despite the takeover, the decline of Ted Baker continued without any sign of reversal. In June 2023, Osborne stepped down as the company's chief executive.<ref>{{Cite web|title=Ted Baker CEO Rachel Osborne to step down |url=https://www.theindustry.fashion/ted-baker-ceo-rachel-osborne-to-step-down/|date=26 April 2023|access-date=23 August 2023}}</ref><ref>{{Cite web|title=Ocado names ex-Ted Baker CEO as non-executive director|url=https://www.retailgazette.co.uk/blog/2023/06/ocado-ex-ted-baker-ned/|date=27 June 2023|access-date=29 April 2024}}</ref> By March 2024, the number of UK stores had fallen from 192 in 2018, to 86.<ref name="Administration1"/> Ted Baker's European stores have also fallen sharply, from 98 to 46, as Ted Baker stores across the world have closed in recent years.<ref>{{Cite web|title=Authentic severs ties with AARC and weighs Ted Baker CVA |url=https://www.retaildetail.eu/news/fashion/british-fashion-chain-ted-baker-to-enter-administration/|website=retaildetail.eu|date=6 March 2024|access-date=26 March 2024}}</ref>
In February 2024, ABG severed ties with AARC, the company which had been running its Ted Baker stores and e-commerce business in Europe. AARC had reportedly "failed to inject promised funding into the business and meet its financial obligations to Authentic".<ref>{{Cite web|title=Authentic severs ties with AARC and weighs Ted Baker CVA |url=https://www.just-style.com/news/authentic-severs-ties-with-aarc-in-surprise-move-weighs-ted-baker-cva/ |website=Just Style |date=6 March 2024|access-date=26 March 2024}}</ref> The company also announced in February that it could not pay rent for its British shops.<ref>{{Cite web|title=Authentic severs ties with AARC and weighs Ted Baker CVA|url=https://www.retaildetail.eu/news/fashion/british-fashion-chain-ted-baker-to-enter-administration/|website=retaildetail.eu|date=20 March 2024|access-date=26 March 2024}}</ref> In March it was announced that No Ordinary Designer Label (NODL), the holding company for Ted Baker's retail and online operations in the UK and Europe, had filed intention to appoint administrators to the European operations of the ailing business. The move puts up to 1,000 jobs at risk. ABG's chief strategy and transition officer John McNamara blamed the problems to the period of AARC control.<ref name= "Guardianadmin">{{Cite news|title=Nearly 1,000 jobs at risk as Ted Baker prepares to appoint administrators |url=https://www.theguardian.com/business/2024/mar/19/ted-baker-uk-europe-administration-jobs-at-risk|work=The Guardian|date=19 March 2024|access-date=26 March 2024}}</ref>
Analysing the brand's fall in 2024, financial expert Gary Hemming, said: "''Ted Baker has faced a torrid few years after their founder left the business in 2019 following allegations of inappropriate behaviour. This had led to a real domino effect for the brand as reputational damage coupled with instability in the company hierarchy saw Ted Baker head into the pandemic in a sorry state. While most retail brands reacted quickly and adapted to the new market, there was a feeling that Ted Baker, already reeling, failed to do so. From there, a death spiral has ensued as the brand has slipped to irrelevance, being replaced by newer, fresher brands that have managed to capture the interest of shoppers''."<ref name="Administration1"/><ref name= "Guardianadmin"/> As of March 2024, Ted Baker stores are still open, and online orders are still being taken, however the website notes that 'Orders are Currently Delayed'.<ref name= "Ted"/> Ted Baker has not updated their company timeline since 2018.<ref name="timeline"/>
In April 2024, Ted Baker's administrators, Teneo, announced the closure of 15 Ted Baker shops across the UK, with 245 redundancies, leaving Ted Baker with 31 stores and 564 staff in UK and Ireland, as Teneo attempt to find a buyer to rescue the remains of the business.<ref name="Shopclosures2024"/> On 24 April 2024, Ted Baker Canada filed for creditor protection in Canada. Ted Baker U.S. declared Chapter 15 bankruptcy that same day, blaming the operation suppliers of Authentic Brands Group for failing to pay. As a result, it was announced that all U.S. and Canada Ted Baker stores, as well as all Brooks Brothers and Lucky Brand stores in Canada, would close.<ref name= "Canadacollapse"/> On April 29, it was reported that Ted Baker's European operation was facing collapse.<ref name="Europeancollapse2024"/> In May 2024, it was reported that Ted Baker’s largest creditor, Secure Trust Bank, had fallen out with the chain’s administrators, Teneo, over claims of a conflict of interest.<ref>{{Cite news|title=Ted Baker's largest lender falls out with administrators over chain's collapse|url=https://www.retailgazette.co.uk/blog/2024/05/ted-baker-creditor/|website=www.retailgazette.co.uk|date=24 May 2024|access-date=29 May 2024}}</ref> In May, it was reported that the Frasers Group were considering a deal to take control of Ted Baker's UK operations.<ref>{{Cite news|title=Ted Baker sees former stores snapped up by retailers|url=https://www.retailgazette.co.uk/blog/2024/07/ted-baker-former-stores/|website=www.retailgazette.co.uk|date=12 July 2024|access-date=25 July 2024}}</ref> In July, it was announced that Ted Baker's Dutch unit was bankrupt.<ref>{{Cite web|url= https://www.faillissementsdossier.nl/en/bankruptcy/1820730/ted-baker-netherlands-b-v.aspx#google_vignette|title= Bankruptcy Ted Baker Netherlands B.V.|date=2 July 2024|access-date=8 August 2025|website= FaillissementsDossier.nl|language=en}}</ref> In August it was announced that all seven Ted Baker outlets in Ireland would shut, and that talks with Frasers Group had stalled, meaning the remaining 31 UK stores would also close, putting more than 500 jobs at risk.<ref>{{cite news|title=All Ted Baker stores in Ireland, including Kildare store, to close next week |url=https://www.leinsterleader.ie/news/home/1580464/all-ted-baker-stores-in-ireland-including-kildare-store-to-close-next-week.html |work=www.leinsterleader.ie|last1=Gough|first1=Ellen|date=15 August 2024|access-date=19 August 2024}}</ref> As of August 2024, Ted Baker branded products will continue to be sold in other stores.<ref>{{Cite web |title=Ted Baker closes final stores putting 500 jobs at risk |url=https://www.bbc.co.uk/news/articles/c0l8nyyjlglo.amp |website=BBC News|date=18 August 2024|access-date=18 August 2024}}</ref><ref>{{Cite news |title=Ted Baker shops shut for good amid doubts over Frasers deal|url=https://news.sky.com/story/ted-baker-shops-shut-for-good-amid-doubts-over-frasers-deal-13199092|work=Sky News|date=18 August 2024|access-date=18 August 2024}}</ref>
In November 2024, ABG in conjunction with new operators United Legwear and Apparel, relaunched the brand online with a new website and new products.<ref name=":0" />
==See also== * Ben Sherman * Burton * Fred Perry * Marks & Spencer * Next plc * River Island * Superdry
==References== {{reflist|30em}}
==External links== {{Commons category|Ted Baker}} * [https://www.tedbaker.com/ Official website]
{{Authority control}}
Category:2022 mergers and acquisitions Category:British brands Category:British companies established in 1988 Category:British suit makers Category:Clothing brands of the United Kingdom Category:Clothing retailers of the United Kingdom Category:Companies listed on the London Stock Exchange Category:Companies that have entered administration in the United Kingdom Category:Companies that have filed for bankruptcy in the Netherlands Category:Companies that have filed for bankruptcy in Canada Category:Companies that have filed for Chapter 15 bankruptcy Category:Eyewear brands of the United Kingdom Category:Retail companies established in 1988 Category:Shoe companies of the United Kingdom