Expanding Quiz plans share listing, JD Sports chief to become chairman
Fast-expanding fashion retailer Quiz confirmed Thursday that it is planning to list its shares with a stock market debut next month on the AIM market of the London Stock Exchange.
It may not be the most exciting news for anyone focused more on product and trend, but it’s a crucial move for the firm as it joins fellow dynamic UK-based retailers Asos and Boohoo in being publicly listed. This gives it access to a whole new source of funding and should see it ramping-up its expansion programme as a result.
The omnichannel fast fashion womenswear brand, which is now available in 19 countries, said it will conduct a placing to raise funds to accelerate its growth across all channels and markets.
And on admission to AIM, which is expected in July, heavy-hitter Peter Cowgill, who is chairman of JD Sports, will join as independent non-executive chairman.
Cowgill said of the move: “Quiz is a dynamic company with a fantastic product offering and proven routes to market. The group is ideally placed to capitalise on a wide range of growth opportunities, particularly online, where the brand has experienced very strong growth.”
It all suggests a rosy future for the brand that targets the 16-35 age group and counts Love Island’s Olivia Buckland and Towie’s Danielle Armstrong among its celebrity ambassadors. But where exactly is it at the moment as it prepares for this future? On announcing its listing plans it gave plenty of detail about its current performance.
The company said total revenue increased 21% between fiscal 2015 and fiscal 2017 to £89.8m with profit up 30.6% on an ebitda basis to £10.3m. It added that current trading “remains strong” and has been accelerating in the first two months of the current financial year with total revenue growth of 37% and online revenue growth of 118%.
It has also seen 16% comparable growth across its 73 UK and Ireland stores and 167 concessions. But it sees its strongest growth opportunities online and in international markets with the company operating 70 franchise stores abroad and also selling through wholesale parters and e-tailers including Zalando.
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