Company - - Nov 30,2016
Scotland fashion giant Austin reed, is making a much awaited comeback with 50 new stores, months after the brand collapsed with a loss of 1,000 jobs
It’s been months since the men’s wear brand, Austin Reed, was forced to shut their 120 stores this summer after the company failed to find a buyer for their entire business. Founded way back in 1900, Austin Reeds dilapidated after struggling with debt and plunging sales.
Edinburgh Woolen Mill, headed by Phillip Day, a billionaire retail entrepreneur, bought the 116 year old brand in May. The Langholm based group announced the comeback move as a part of a £100m three-year revival plan for the brand. First of the many stores are due to open towards the end of next year, also including a flagship outlet in London.
Edinburgh group has already re-launched the Austin Reed brand online with a new autumn/winter collection, and are looking forward to follow it with a larger spring/summer collection next year.
The move comes as a part of a wide expansion plan announced by Edinburgh Woollen Mill Group, which owns other fashion brands like Peacocks, Jane Norman and Edinburgh Woollen Mill Chain. The group wants to open 200 more stores by early 2018 which include Austin Reed as well, creating more than 2,000 jobs. The firm suggests that the move came as the aftermath of rising sales and record profits for the year.
Commercial director of Edinburgh Woollen Mill Group, Steve Simpson, said “With the addition of Austin Reed, to our already famous Country Casuals and Viyella, we aim to continue this organic growth, while being ready to respond and acquire other opportunities as they arise.”
The group has already opened 43 shops this year, has more than 980 outlets across the United Kingdom, and is aiming to expand its empire by 20% through high end retail stores, concessions as well as online stores.