Home shopping specialist Boden is planning to open stores as its profits surge and it prepares the way for a new chief executive.
- Stores will open in the UK and US
- Boden seeking new chief executive as incumbent Julian Granville steps aside
- Pre-tax profits rise 31% after a focus on efficiencies
The fashion retailer reveals it will open a number of branches in the “next few years” in the UK and the US as it seeks to transform into a multichannel retailer. At present Boden only has one store, in Hangar Green, west London.
Boden revealed its plans at the same time it reported pre-tax profits increased by 31% to £32m for the year ending December 31, 2014 despite group sales remaining flat. Sales for the period increased by 0.7% to £280.7m.
Ahead of its transformation chief executive Julian Granville is moving to deputy chairman with immediate effect and will relinquish his chief executive responsibilities once a successor is found.
A spokeswoman said Granville is stepping aside as chief executive after 18 years in the role as “part of a structured succession plan as we bolster and grow the board for the next phase of growth”.
New product director
Boden has also brought in Matthew Hilgeman as product director as of June 2015. He joins from American Eagle and will be responsible for all product areas and the sourcing and supply chain.
Granville said: “The increase in profitability shows that the operational efficiencies and investments that we have put in place are delivering returns.
“Matthew Hilgeman brings invaluable international brand experience as we continue to expand our overseas operations, particularly in the important and growing US market.”
During its last financial year Boden’s French market performed strongly, with sales increasing 34% year on year, while Boden reveals the US had a strong first half to June 2015, with a 13% increase in new customer recruitment.
The retailer has also recorded a 15% increase in unique visitors to its website to 23m in 2014, while 90% of its sales now come from online.