The proposed sale of The Very Group is set to be abandoned after potential bidders, including JD.com, failed to meet Carlyle’s £2 billion asking price.
The auction process, which was launched earlier this year, is unlikely to proceed, leaving US private equity firm Carlyle as the owner of the online retailer for the foreseeable future, according to Sky News.
The Very Group, which sells fashion, beauty, homeware and electrical goods through its Very and Littlewoods brands, has around 4.4 million customers and annual revenue of more than £2 billion.
Chinese e-commerce giant JD.com was among the potential bidders and was reportedly serious about making an offer. However, Sky News reported that the group had become reluctant to take on another transaction while its proposed acquisition of German electronics retailer Ceconomy remains subject to regulatory scrutiny in Europe.
Private equity firm Elliott Advisors and other financial investors had also shown preliminary interest in The Very Group.
The decision comes just months after Carlyle launched the formal auction process, reportedly seeking around £2 billion for a business it acquired for a nominal £1 in November 2025 following a financial restructuring that ended the Barclay family’s more than two-decade ownership of the retailer.
The sale process was understood to have been a condition of the change of control, although Carlyle was not required to sell the business at any price. The £2 billion figure was reportedly the minimum amount it would accept.
The Very Group has continued to report improvements in profitability despite a mixed trading picture. It recently achieved a record margin for its third quarter, with full-year pre-exceptional EBITDA expected to reach between £310 million and £320 million.
The business has also identified home, sports, toys and beauty as its strongest retail categories in recent months, while revenue from its Very Finance consumer credit operation has continued to grow.