Following the success of Smiggle’s expansion into Singapore, Premier Investment has identified the next stop for the brand is the United Kingdom.
Smiggle, which experienced a 14.5 per cent sales increase for the 2013 full year, will see its first UK store open at Westfield Stratford in February 2014.
According Mark McInnes, Premier Retail CEO, the decision to expand Smiggle follows a detailed analysis of marketing opportunities in Japan, Malaysia, Korea, China and Europe.
“We have ambitious growth plans for Smiggle, which we see as a completely unique brand in the international market,” he said.
“The scope of our plans is well matched by a highly capable management team led by John Cheston, our group general manager of Smiggle, who brings a deep experience in Asia and the UK.”
The company plans to open five to eight stores in total in the UK during 2014.
Smiggle’s parent company, Premier Investments, reported that it more than doubled its net profit from the previous year to $174.5 million for the 2013 full year.
Premier Retail alone experienced a 9.3 per cent increase in profit to $76.7 million. Similarly total sales were up 0.9 per cent to $836.4 million, as were earnings up 4.1 per cent to $83.7 million.