- Prachi Singh |
Fast fashion women’s wear brand Quiz has reported a 35 percent increase in group revenue to 56.1 million pounds (74 million dollars) for the six month period to September 30, 2017, compared to the same period last year.
Commenting on trading, Tarak Ramzan, the company’s Chief Executive Officer, said in a media release: "We are very pleased with the Quiz brand's strong growth across target markets and channels with online in particular experiencing continued outstanding momentum. Our IPO in July 2017 was a hugely important milestone for the company as we continue to build the brand as a global fast-fashion destination."
Quiz online revenues jump 204 percent
The company’s online revenue increasing by 204 percent to 13.8 million pounds (18.2 million dollars) in H1 2017, which the company attributed to opening the new 180,000 sq. ft. distribution centre in the summer 2016, increased and effective marketing spend, particularly through digital channels, and the broadening of the product ranges available to customers.
The group's online revenues reflect sales made through Quiz's own websites, as well as through a number of third party websites. Sales through Quiz's own websites increased by 122 percent in H1 2017. In September 2017, the company launched its first localised website in Spain. There has also been strong growth in sales made through existing and new third party websites, which includes the benefit of commencing sales on the Next website in October 2016 and with Zalando in Germany in May 2017.
International sales, excluding the non-recurring wholesale revenue in relation to Spain in the year ended March 31, 2017, for H1 2017 increased by 25 percent or 23 percent in constant currency to 10 million pounds (13.2 million dollars). The group's total international sales for the period increased by 12 percent or 10 percent in constant currency to 10 million pounds in the first half.
The group continues to deliver on its international expansion towards the end of the period and opened three standalone stores in Madrid in Spain, its first standalone stores outside the UK and the Republic of Ireland. This has complemented the recent launch of the company’s own Spanish language website. It is anticipated that one additional store will be opened in the Republic of Ireland prior to Christmas 2017.
The group has also expanded its international franchise operations from 65 units to 76 units in H1, including new franchise units in Dubai, UAE and Morocco.
Sales in the group's UK standalone stores and concessions increased by 15 percent to 32.3 million pounds (42 million dollars). Quiz opened one new standalone store during the period and is targeting to open a further five standalone stores prior to Christmas 2017 in-line with the group's strict return-on-investment roll-out strategy. The group also opened four new concessions with its existing UK partners, while closing one standalone store and four concessions in the period.