SuperGroup boss Euan Sutherland said today that the fashion retailer should double its sales in the next three years, after strong results.
The fashion retailer today reported an 11.3% rise in full-year like-for-likes, while pre-tax profits jumped 16.3%.
Speaking to Retail Week today Sutherland said: “At the current rate of growth we should double the business in next three years or so.”
He said the expansion would come from a combination of two parts of its four-part strategy, unveiled in 2014.
Those two pillars are global growth and product innovation. SuperGroup’s global strategy will focus on Europe first and then the US, followed by China.
Sutherland said product innovation will “continue to provide customers with new reasons to come into our shops, continue to delight customers”.
SuperGroup has diversified of late, both across categories and geographies. Just two years ago it issued a profit warning but has bounced back dramatically.
“What we have is clarity of strategy and a strengthened team,” Sutherland added.
He pointed to the expansion of womenswear, in what was primarily a menswear business, and international expansion. UK sales now represent just 45% of the business while the EU represents another 45% and the rest of world 10%.
SuperGroup expects that rest of world category to grow quickly, with China and the US its primary expansion targets.
“Customer feedback as we land in different countries is actually very similar,” said Sutherland today. “So we are not trying to reinvent wheel in terms of product but we are trying to be very sensitive to how they want to consume it.
“We haven’t set huge long term goals because I am much more focused on creating the right model for each market. Once those things are right we can now scale the business.”