Boux Avenue sees explosive growth, expands digitally
Boux Avenue’s owner, Theo Paphitis Retail Group, said Friday that e-tail sales rose 50% over the Christmas trading period and that Boux sales rose over 20% in the last financial year.
The company said that the lingerie chain’s sales reached £36.5m in the year to March 31 2016, a 21.5% rise. The brand, which has 20 stores in the UK and 14 franchised locations abroad, also saw gross profit rising sharply to £2.9m from £1.7m.
The company spent the last year ramping up its online operations, boosting e-sales outside of the UK and also making the brand available on more UK sites, including Very.co.uk, Asos.com and lipsy.co.uk. After seeing comparable sales rising 16.6% over the Christmas period, Boux plans to move to a new e-commerce platform in the current quarter and the group will invest heavily in digital this year across its brands.
The group also owns stationer Ryman and housewares-and-gagdets chain Robert Dyas. Both saw falling sales in the last financial year but modest comparable sales increases over the recent Christmas period.
Meanwhile controlling shareholder Theo Paphitis warned in an interview of a “perfect storm” facing retail as shopper behaviour changes, business rates rise and the devalued pound impacts prices.
He said the company has observed a major shift online and that he now sees “multiple peaks” in shopping throughout the year with Black Friday being a key event in the UK retail calendar.
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