Branded young-fashion retailer Republic wants to increase sales by a third this year to push past the £200m barrier.
Over the year to January 25, Republic’s sales rocketed 22% to £147m. Operating profit soared 40% to £20m. So far this financial year the retailer has notched up double-digit like-for-like sales growth.
The retailer – which was bought by private equity group Change Capital Partners for £105m in 2005 – has benefited from operating in a relatively recession-proof part of the market.
This week it opened its 100th store in Chester. This was followed with a store opening in Glasgow Fort, and it will open three stores in Bromley, Inverness and Bath next month.
The Leeds-based chain, which sells brands including Firetrap, Henleys and G-Star alongside own brands Soul Cal and Miso, is also searching for a store location on London’s Oxford Street.
“We would love to have an Oxford Street store presence”, said Republic chief executive Tim Whitworth. “Unfortunately the opportunity hasn’t yet arisen.”
Republic relaunched its website earlier this month with new-look areas for branded products, offering consumers brand biographies and news, and an improved store finder function. The website accounts for 10% of group sales.