The boss of Select Retail has vowed that the discount fashion chain will become profitable in the next year.

John Hannah, acting managing director of Select since Turkish supplier Cafer Mahiroglu bought 125 stores out of administration in February, said it aims for sales ofÂŁ50 million by next February.

Select collapsed with 250 stores in January this year. Since then, Hannah has drafted in Paul Boxall, a former senior Arcadia buyer, as head of retail, along with 15 buyers and merchandisers.

Hannah said the fascia or signage would change and the retailer is mooting a possible new name or a play on the name Select. “We want to be seen as a fashion multiple not a value player,” he said.

Retail Knowledge Bank senior partner Robert Clark said Select will have to tread very carefully. “The sales target is ambitious; in the short to medium-term arguably over-ambitious,” he warned.

While he understands Select’s decision to reposition, the fast fashion market is “equally as overcrowded” as the value sector it is trying to leave behind, he added.

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