Walden family buy Principals

By IRENE CHAPPLE

Principals, a clothing retailer popular among young women, has been bought by the family of former Farmers and Deka group head Wayne Walden.

It will be run by Walden's 24-year-old daughter, Jane, a former buyer for Farmers, and her partner Stephen Green, a designer.

Wayne Walden said the sale would be completed at the end of next month. He would not say how much was paid.

Walden said the business was well recognised by its target market of 16 to 24-year-old women, and it would be expanding under the new ownership.

"We will be looking to expand fairly rapidly. We will be getting new sites [in New Zealand]."

Walden said the business, bought from its founders, Gavin and Deborah Humphrey, was very well run and would continue "as usual".

The Humphreys, Australians who settled in New Zealand when they travelled here 15 years ago, set up their first store on lower Queen St, in Auckland City.

The chain has 13 stores in New Zealand, but is most concentrated in Auckland.

Gavin Humphrey said the couple had made their money from the business and had been in "cruise mode" until the Waldens approached them.

They said all 70 to 80 staff would stay on, and the brand would remain the same.

"It will be business as usual, but there will be new blood and they will have more fire in their veins, which I think is a good thing."