Claire’s Accessories is ramping up its European expansion plans under the direction of Mark Smith, managing director of its European operations.

Over the next five years, the US-owned value jewellery and accessories retailer will focus on acquisitions to fuel growth.

Smith, who rejoined the retailer four months ago after resigning as chief executive of the UK division in 2002, will open stores in Scandinavia and Italy – both new markets for the retailer.

Smith said: “Growth through acquisitions is how we’ve been successful. We acquired 50 stores in Switzerland for instance and history says it works by using existing infrastructure and taking away the competition.”

Following its acquisition by private equity company Apollo Management in May, Smith said the retailer is better equipped to capitalise on opportunities.

Claire’s Accessories trades in 10 European countries and has 3,300 stores worldwide. It will open its 900th European store in Madrid this month.

In the 13 weeks to August 4, net sales rose 4.7 per cent to US$365.5 million (£175.2 million). Like-for-likes fell 1.7 per cent.

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