Dynasty buys out Sasha fashion chain

THE Sasha chain of ladies fashion stores has been bought by Cork-based Dynasty Accessories in a deal believed to be worth at least €10 million. The combined group will employ more than 400 and generate annual sales of more than €50m.

Dynasty owner Cyril Walsh said the deal was the biggest ever undertaken by his group but declined to comment on the price on confidentiality grounds. Dynasty has 25 outlets selling fashion accessories, handbags and jewellery, while Sasha operates from a further 31 locations.

Dynasty and Sasha will retain their separate identities after the sale and will be run as distinct companies with individual boards of directors. Sasha founder Terry O’Brien will remain as chair of the Sasha board and will be joined by Mr Walsh and fellow Dynasty director Angela Cahill.

"Sasha is a very well managed operation with a loyal, dedicated and professional team, not only at central support office but also in each and every one of the 31 stores. We intend to build on the excellent ground work already in place and grow the business to its full potential," said Mr Walsh.

Mr O’Brien said a number of potential buyers had expressed interest in Sasha, but Dynasty was his “preferred option” as it would mean Sasha's ethos would be left unchanged.

Mr Walsh hopes to grow both parts of the combined business and have a total of 40 Dynasty outlets and 50 Sasha stores in operation within six years.

Sasha opened three new stores, in Ballina, Tullamore and Letterkenny earlier this year and will open a further three before Christmas.

Cork currently has four Sasha stores, in Wilton, Douglas, Blackpool and Patrick Street.

Dynasty’s Cork outlets include Wilton, Douglas Court, Douglas village and Merchant's Quay.