The Savile Row retailer has signed to open stores at Belfast’s Victoria Square development, Bristol’s Cabot Circus scheme and London’s White City scheme. It is seeking a Middle Eastern partner and will open stores in Shanghai and Beijing within 15 months.
The retailer will launch smaller store formats and introduce a women’s diffusion line to sit alongside its menswear version – Hardy Amies London – for spring 2009.
Its first men’s ready-to-wear store opened in Edinburgh in October, followed by its Chester store in November. Its women’s main-line range debuted in its South Kensington store, which also opened in November.
Chief executive Nigel Brunning said: “In five years, we could have 30 stores in the UK, across at least three lines. As our shirting and ties also do very well, we could also envisage opening smaller shops with only shirts, ties and accessories.”
He added: “We will be selective about the locations. They must fit the brand profile and be a great deal. There will not be a Hardy Amies in every major town.”
He reiterated Hardy Amies’ commitment to its wholesale business and said it will not open stores in towns where it has a strong wholesale presence.
This week, the retailer revealed revenues for the year to December 31, 2007, were up 35 per cent year-on-year to£1.6 million. It said it will remain loss-making this year.
In the six months to June 30, 2007, pre-tax losses declined from£1.24 million in the first half of 2006 to£372,252.
Hardy Amies received a£3 million cash injection from investment house Arev in June 2006, in exchange for a 49 per cent stake. Arev has investments in retailers including Jones Bootmaker.
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