LK Bennett to open its first store in Russia this week

LK Bennett will officially open its first shop in Russia this week after its private equity backers injected £2m to support the retailer’s international expansion plans.

The company, which counts the Duchess of Cambridge as a regular fan, is also planning two more shops in mainland China later this year as well as stores in Qatar and the World Trade Center in New York.

Private equity firms Phoenix and Sirius have held the business for around ten years, leading to recent speculation that LK Bennett could join a wave of retail chains being put on the market.

However, sources say that both firms are committed to supporting the brand’s overseas expansion plan.

Around a quarter of LK Bennett sales are already from overseas, which puts the retailer, known for its patent nude heels and floral dresses, at a distinct advantage compared to other British retailers who are wholly exposed to rising import costs from a weaker pound.

Last year former BHS chief executive Darren Topp and BHS financial consultant Michael Hitchcock were hired to lead the upmarket retailer.

Both men shot to public prominence in the high-profile grilling by MPs following the 88-year-old chain’s collapse in which Mr Topp alleged that former owner Dominic Chappell had threatened to kill him. Mr Hitchcock also hit headlines for referring to Mr Chappell as a “Premier League liar”.

Before joining BHS Mr Topp spent more than two decades at Marks & Spencer while Mr Hitchcock was previously chief financial officer of Beales and Moss Bross. The duo joined last September after Robert Bensoussan, who is a co-investor through his Sirius vehicle, stepped down

 Since joining the business Mr Topp and Mr Hitchcock have led an overhaul of LK Bennett’s senior management team, leading to ten exits but bringing in former Cath Kidston buyer Sundari Gabriel to revive some of its ranges.

The retail chain is planning to bolster its UK presence with concessions in John Lewis shops  rather than standalone stores to minimise the rising business rates bills.

The retailer, which was founded by Linda Bennett as a shoe chain in 1990, has 130 stores and outlets around the world of which 86 are in the UK.