Value fashion retailer Envy is to disappear from the high street as the chain’s owner starts to convert the shops to its Tom Wolfe fascia.
Chief executive John Kinnaird, who originally bought Envy for £1 in February 2008 and then bought it back out of pre-pack administration last December, said: “In the next 18 months we will try and convert them [Envy] all to Tom Wolfe.”
Kinnaird said the stores needed to be refreshed and that its Tom Wolfe fascia is performing well, so the switch made sense.
There are 28 Envy stores at present and nine Tom Wolfe shops. Up to 12 of the Envy stores could close in the new year as Kinnaird seeks to exit underperforming shops. He said the “half a dozen” earmarked for closure could stay open if favourable deals can be struck with landlords, but would change to Tom Wolfe.
Kinnaird also wants to change the mix of brands to own-brand, which is 60:40 at present, to push own-brand up to 60%. He said this will help improve margins for the business. “The clothing sector is very competitive and it has not been a great season,” he added.