Merchant Retail may eventually have as many dedicated skincare and cosmetics stores as it has Perfume Shop outlets, according to chief executive Philip Newton.
Perfume Shop will open nine new eponymous stores before Christmas, taking numbers to 84, and aims for 150 to 200 ultimately. 'We think the businesses (fragrances and cosmetics) have similarities,' said Newton.
The first of the new skincare outlets is due to open in Merchant's De Gruchy department store in Jersey imminently. It will be followed by a second shop-in-shop trial, likely to be in a Joplings department store, next year.
The first standalone shops will open in 18 months and are likely to signal the start of a high street roll-out.
Newton would not reveal the name of the branded skincare and cosmetics fascia, but said the idea is a similar formula to Perfume Shop.
'We're very excited. We believe the opportunity for cosmetics is the same as it was for Perfume Shop 10 years ago. The same customer that shops at Perfume Shop, we believe, is looking for a similar format for skincare and colour,' he said.
On Monday, Merchant Retail reported interim results for the six months ended September 28. Sales were up 13 per cent to£64 million and profit before tax up 51 per cent to£2.52 million. Like-for-likes at Perfume Shop were up 18 per cent and 6 per cent at Joplings.
Jeremy Seigal, previously managing director of Perfume Shop, has been promoted to group managing director.
Perfume Shop will open its first stores in Eire next year.
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