Retail news round-up on February 7, 2014: Monsoon Accessorize back in the black, Poundland to open first stores in mainland Europe, Leahy and Willett back Atterley Road and New Look considers converting stores to menswear shops.
Monsoon Accessorize back in the black under Browett
Monsoon Accessorize celebrated a happy anniversary after returning to the black last year under new chief executive John Browett. The fashion and accessories retailer generated pre-tax profit of £18.1m in the 53 weeks to August 31, 2013 against a pre-tax loss of £2.4m in 2012. Monsoon toasted its 40th anniversary last year and Accessorize celebrates its 30th birthday this year. Underlying group turnover jumped 4.3% to £551.9m. Sales in the UK and Ireland edged up to £468.4m from £466.7m in 2012. International sales surged to £83.5m from £62.6m.
Poundland poised to make continental debut in Spain
Poundland is to open its first stores on the continent with plans for 10 in Spain under the Dealz fascia. The openings will make Poundland the first among its UK peers to launch in mainland Europe. Poundland, which is understood to be seeking an IPO, intends to open the shops during the next two financial years from April. Poundland chief executive Jim McCarthy said: “We have a very detailed, low-risk and low-cost entry plan and the management strength and capacity, in the UK and in Spain, to execute it well.
Sir Terry Leahy and Bob Willett supports £2m fundraising for Atterley Road
Former Tesco chief executive Sir Terry Leahy and former Best Buy International head Bob Willett have supported a £2m fundraising for independent fashion website Atterley Road, The Telegraph reported. The veteran retail duo joined with the William Currie Group and fund manager Artemis to lead the investment, which will enable the retail start-up to expand in the UK and overseas. Atterley Road intends to bring together the pick of UK high street and independent designers to its online customers. But the purpose of the new capital is to allow the business to expand its geographical footprint, at the same time financing the launch of Atterley Road’s own label.
New Look considers conversion of some stores into standalone menswear outlets
New Look is looking to convert some of its estate into standalone menswear outlets as it prepares for growth in the market. Discussions were taking place over whether to convert some of the fashion retailer’s smaller or underperforming shops into menswear-only stores, Retail Week’s sister magazine Drapers reported. However, no decisions are believed to have been finalised as yet.