Fashion etailer Missguided is pushing the button on its overseas expansion as it looks to double its turnover this year.
The etailer plans to debut its translated French and German sites by August and is to kickstart a marketing push in the US and Australia.
Missguided began a marketing offensive in Sydney six weeks ago and it is now in the process of rolling out marketing activities to other major cities including Melbourne, Adelaide and Perth.
Since its debut, the etailer has experienced a 1000% sales jump in the country according to Missguided managing director Nitin Passi, who is set to start its TV marketing push in the country over the next few months.
“Overseas sales currently account for around 8% of sales, we expect that to move to 30% this year. We’ll achieve much quicker growth in these markets than we did in the UK. When we open in a market we can be much more aggressive,” he said.
Passi said Missguided, which was set to make between £50m to £55m turnover in its year to March 2013, should double sales this year.
“For the next financial year we expect to reach over £100m gross turnover and in five years time we should be looking at £1bn sales,” he said.
The etailer is also set to ramp up marketing in the US where it soft-launched earlier this year. It is to focus on a digital campaign, which begins in June, to build a presence in the country.
Passi also has his sights set on China where the business plans to launch next year. The online fashion retailer is also plotting to open a warehouse in the country to reduce duty and air freight costs and, potentially, reduce prices to customers.
The etailer already offers localised return in the countries in which it trades and Missguided is focusing on improving its service credentials in the UK.
It is to adopt CollectPlus’ 4,500-strong store network of local corner shops as collection points for its online orders. It is also aiming to extend its next day delivery cut-off from 9pm to 11pm.
Passi said: “If you want to compete you have to be as good as the big boys. It’s not just about product; they can’t touch our product so they have to receive it quickly and be able to return it quickly.”