Phase Eight thrives under new management: online and Asian sales drive growth

Almost eighteen months after changing hands, British fashion retailer Phase Eight thrives under new management: sales reached 197.6 million pounds in the 14 months to April 2, 2016 compared with 159.8 million pounds in turnover reached in the prior comparable period.

Being under Foschini Group´s umbrella seems to suit Phase Eight well, as the company just recorded a strong year. The new owners have drastically updated the retailer´s strategy, focusing on online and international markets.

This renewed strategic plan seems to be bearing its first fruits as online and international revenue now represents one-fifth of Phase Eight's group sales, as highlighted by the own company earlier this week during its financial release.

Operations in Japan, Hong Kong and Singapore, main driver of growth

Regarding its expansion beyond the British market, Phase Eight pointed out that operations in Asia, including Japan, Hong Kong and Singapore were the main growth engine. The company´s expansion in Europe, the Middle East and North America was also noticeable.

Both international and online sales each accounted for over 20 percent of group sales, the company said.

Likewise, EBITDA jumped noticeably, from 24.5 million pounds to 31 million pounds.

These financials represent the first full annual figures since Phase Eight was acquired by South African retail group Foschini, in January 2015.

Ben Barnett, CEO of Phase Eight, commented: "This has been an excellent year for Phase Eight, with further progress on our journey to build a truly international brand.

"Our continued focus on delivering exceptional product and service, both offline and online has allowed us to grow our customer base, supporting our global sales and profitability. As such, the brand remains extremely well positioned for the next phase of its development."

South African retail conglomerate The Foschini Group (TFG) bought an 85 percent stake in Phase Eight for 238 million pounds in January 2015.

Photo: Phase Eight Web