US casualwear brand Untuckit has hired a UK property agency to help it identify possible store locations in London ahead of it launching in the UK.
Retail Week understands that the brand has agreed an exclusive deal with property agency Cushman & Wakefield to spearhead a hunt for possible store locations ahead of the brand launching in the UK later this year.
The agency will be focusing its search primarily on locations in Central London, although Cushman & Wakefield has been given a mandate covering the entire UK and Ireland, which would give some indication as to the brand’s longer-term thinking.
A source close to the discussions confirmed the deal and said Untuckit was currently evaluating the UK retail property market and looking for opportunities to do a deal on more than one location in the capital.
Mark Barrett, the former head of Europe, the Middle East and Africa cross border retail at Cushman & Wakefield, has also left the property agency to take up the role of head of international with Untuckit, based predominantly in London.
Co-founded by Chris Riccobono and Aaron Sanandres, Untuckit was launched as a pureplay retailer in the US in 2011 before opening its first physical store in New York in 2015. It now has 65 stores across the US and opened its first international store in Toronto, Canada in September 2018.
The business originally made men’s shirts that were designed to be worn untucked, but has since expanded into womenswear (dresses, shirts, t-shirts and jackets) as well as a line of trousers for men.
In December 2018, CNBC reported that Untuckit had hired investment bank Morgan Stanley ahead of a potential float on the stock exchange with a value of more than $600m. Last year the brand had around $150m in sales and was profitable.
Untuckit has been contacted for comment.
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