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Monsoon to open new stores as turnaround plan makes progress

todayDecember 12, 2022 10

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Monsoon to open new stores as turnaround plan makes progress

Fashion retailer Monsoon has revealed plans to open more stores after bouncing back from near collapse during the pandemic.

The womenswear business tumbled into administration during the first Covid-19 lockdown in 2020 but was bought back by founder Peter Simon.

The pre-pack administration move led to sweeping job cuts and store closures as part of the firm’s strategy to return to profitability.

Bosses at the firm and sister brand Accessorize have now hailed “strong” trading over the past year, as sales rebounded following the impact of Covid restrictions.

Nick Stowe, chief executive officer of parent firm Adena Brands, said: “This past year we’ve made continued strong progress on our turnaround plan, moving from the earlier restructuring phase to a focus on growth.”

The group said it plans to open 22 more UK stores over the next year, after opening 19 sites over the previous year.

Monsoon and Accessorize will also expand in Europe and the Middle East as part of a plan which will also target airport locations.

Adena Brands revealed that group sales jumped 43% to £258 million over the year to August 31, with UK retail like-for-like sales increasing by 105%.

As a result, earnings more than doubled to £24.4 million for the year.

Mr Simon, founder and chairman, said: “We took a leap of faith in 2020 to rescue Monsoon and Accessorize at the height of the pandemic.

“Our team has worked incredibly hard since then, first to save the business, then to rebuild its profitability, and now to write a new chapter for our iconic brands.

“We worked through the challenges of the pandemic, then the challenges of the energy shock, and now we’re facing into the challenges of a recession.

“But the business is well-prepared after all the work we’ve done, and I want to thank our customers for their faith in us, all our colleagues for their enduring commitment and our landlords and suppliers for their continued support.”

Published: 12/12/2022 by Radio NewsHub

Written by: NDR NEWS

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