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N Brown to open high street stores
The home shopping group N Brown, whose brands include Jacamo, SimplyBe, and High & Mighty, is to open high street stores across the UK.
N Brown is enjoying a sharp rise in online sales but believes that by opening stores in key locations it can boost awareness of its brands and offer a collection point for customer orders.
Angela Spindler, the new chief executive of N Brown, said that the company wants to open 25 stores. At present it operates from seven sites, six of which have a dual facia of Simply Be and Jacamo, whose clothing is modelled by former cricketer Andrew Flintoff.
The plan by N Brown is an example of the future role the high street could play in the UK retail industry.
Last month, eBay the online auction site, agreed a deal with Argos to use the UK’s company high street stores as collection points.
Ms Spindler said that N Brown’s trial stores had shown a “halo effect on sales in the catchment”. She said the stores would act as "multichannel hubs" and the company will be "very targeted" in where it opens shops. N Brown intends to open locations in Derby and Leeds before Christmas.
Neil Saunders, managing director of Conlumino, said: "Not only will stores be cash and profit generative as standalone entities, they also have the capability to drive online sales as part of a wider multichannel strategy. Ms Spindler’s experience in running physical stores will prove invaluable as the group modestly expands this side of its business."
Ms Spindler was speaking as the company unveiled a 8pc rise in revenue to £410m in the half-year to August 31. In the five-weeks following the end of the half-year, like-for-like for sales have increased 8pc.
Pre-tax profits increased from £41.8m to £44.1m.
However, shares in N Brown dropped 5pc to 489.80p in morning trading as the company warned that the recruitment of new and younger customer has led to bad debts.
Ms Spindler, who joined from The Original Factory Shop, said: "I have spent my first three months looking at the business in detail and I am extremely excited by what I have seen.
"As these results demonstrate, the business is performing well, with significant opportunity for growth in the future based around our products, delivery channels and international development.
"Today, I am pleased to confirm the roll out of our Simply Be/Jacamo store portfolio in the UK and I am looking forward to working with the excellent management team to build a leading global retailer famous for making shopping for fashion easy and enjoyable, regardless of size."