Waterstones has bought bookseller Foyles. James Daunt, Waterstones managing director, said the move will help the bookseller fight back in the face of “Amazon’s siren call”.
He added: “We are honoured to be entrusted with the Foyles business, and greatly look forward to joining forces with the Foyles bookselling team.
“Together, we will be stronger and better positioned to protect and champion the pleasures of real bookshops.
“At Waterstones, we see our future as responsible stewards of shops that strive to serve their customers each according to their own distinct personality.”
Amazon coninues to dominate the book trade. Third quarter profits for the period ended September 30, soared. Net income hit $2.9 billion, up from earnings of $256 million a year ago. Revenue jumped 29%, to $56.6 billion.
“We knew you could buy everything Waterstones stocks online, so had to really justify why customers would come in store,” Daunt noted.
Christopher Foyle, Foyles’s chairman, said: “My family and I are delighted that Foyles is entering a new chapter, one which secures the brand’s future and protects its personality.