Menswear firm Skopes gets new funding, to open 15 stores
today Nov 21, 2019
Specialist menswear retailer Skopes has clinched a £6 million funding deal with HSBC UK and now plans to open a further 15 stores, despite the tough times in UK fashion retail.
It will also widen its sourcing capability in China, Bangladesh and Europe and some of the money will be spent on boosting its marketing with a focus on digital.
The Leeds-based company, which completely rebranded in 2018, is part of a dynamic fashion scene in the North of England and the new money means store numbers should multiply many times over in the next three-to-five years. Its current standalone store count is only three locations, in Westfield in London, outlet mall Junction 32 in Castleford, and Meadowhall in Sheffield, although it also has a number of department store concessions.
That would mean its fastest expansion in its 70 year+ history and would see its workforce expanding by more than 200 people to 500+. Its turnover should also more than double from the current £30 million by 2024. But some of that growth will come from an expansion of its online operations with e-sales accounting for around 20% of turnover.
The business was founded in 1948 by Sydney Cope and current MD Simon Cope, his grandson, said physical retail still has an important part to play as the company adapts to a fast-changing market.
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