Missguided sales soar at home and abroad
Boohoo and Quiz are among them and Misguided is certainly in the select club. And one thing they all share in common is their current ultra-fast growth, with Missguided’s latest full-year sales figures illustrating this very clearly.
The company said Thursday that it has “once again achieved spectacular growth” and we can’t argue with that as the 12 months to March 2017 saw revenues increasing by 75% to £206m. And international sales specifically accelerated even more, rising by more than 130% and now accounting for over 40% of the total business.
The business attributed the sales growth to its aggressive investment programme and said it also led to strong underlying profit growth versus the prior year, although it did not give a figure for profits. The growth was also aided by marketing campaigns (including the Naughty List campaign featuring Baddie Winkle – which last week won a Best Digital Marketing Campaign award), and by collaborations with supermodel Jourdan Dunn and global influencers Carli Bybel and Natasha Oakley.
Particularly important in the past year was its investment in multichannel, with the November 2016 opening of a 21,000 sq ft flagship store in London’s Westfield Stratford, and a second store set to follow next month in the Bluewater mall in Kent. The brand also opened its third Selfridges concession in Birmingham’s Bullring shopping centre during the period and has also expanded its reach with strategic partners globally, including most recently, Canadian heavyweight Hudson’s Bay.
But digital remains its key focus and the firm said Thursday that its award-winning app has seen over 1.3m downloads since its launch just over a year ago. The company also recently launched a fragrance, called Babe Power.
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