Peter Cowgill, the former CEO of JD Sports, is exploring the possibility of reentering the fashion industry by potentially participating in a private equity acquisition of Mainline Menswear.
Mainline Menswear, a high-end men’s fashion business, is currently under the ownership of JD Sports. However, JD Sports is considering divesting the business to focus on expanding its core sports retail operations both in the UK and internationally.
According to The Telegraph, there is significant interest from both private equity investors and trade buyers in acquiring Mainline Menswear. Private equity players are particularly keen on having Peter Cowgill, the former CEO of JD Sports, involved in the venture.
Stuart Hicks, the founder of Mainline Menswear and a former professional footballer, has also been approached to manage the company in the event of a buyout.
It’s important to note that discussions regarding the potential sale are still in the early stages. Sources have indicated that JD Sports has recently begun to receive inquiries from prospective buyers, but the company has not issued an official statement on the matter.
JD Sports acquired the majority stake in Mainline Menswear nearly a decade ago, with Cowgill emphasizing its strength and the value that JD Sports could bring in terms of financial stability and support.
Over the years, Mainline Menswear has achieved remarkable revenue growth, increasing from £8 million in 2015 to £66 million in its most recent fiscal year, as per filed accounts.
Peter Cowgill stepped down from his role as the CEO of JD Sports approximately a year and a half ago amid concerns related to corporate governance. Although he continues to serve as a consultant for JD Sports, his significant exit package restricts him from providing advice to competitors.
It’s worth highlighting that if Cowgill becomes associated with Mainline Menswear, it would not pose a conflict with JD Sports, as the two businesses have distinct and non-overlapping focuses.
