Danish fashion group Bestseller grows 3% ahead of launch of new label Postyr
Danish fashion retailer Bestseller, owner among others of Vero Moda, Only and Jack & Jones, closed the 2016-17 fiscal year with a revenue of €3.15 billion and a 3% growth, below the group's expectations. The revenue rise was driven by the German market and by e-commerce.
In a press release, Bestseller stated that profitability was nevertheless on par with expectations, without disclosing any figures, and that the group now intends to focus on future growth. In 2016, Bestseller carried out an internal reorganisation and closed down several stores, a strategy whose impact, according to CEO Anders Holch Povlsen, is still felt today, reflected in the group's weak sales growth.
Povlsen stated that the group is keen to focus more on the wholesale channel to drive sales, while still operating its own store network and, crucially, pushing e-tail distribution. "E-commerce is now an organic part of our business, and will continue to be one of our main growth drivers. In addition, we are increasingly digitalising wholesale operations, and integration with other websites will also be a key factor in our growth plans."
Bestseller will also rely on the launch of its new womenswear label, Postyr, which will be available from next spring. Postyr is going fully digital, and buyers will be able to view the products only on a virtual showroom. Bestseller operates 3,000 monobrand stores in 38 markets, and its products are also distributed via 15,000 multibrand retailers.
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