Following reports that Quiz is eyeing up a £200m flotation this summer, Drapers takes a closer look at the womenswear chain.
Fast fashion retailer Quiz has had a busy 12 months, ramping up its retail footprint in the UK and reporting record financial results for the year to 31 March 2016, when sales rose 11.8% to £87.4m and pre-tax profit grew by 17% to £5.7m.
Turnover is on track to top £100m by the end of this year and the chain is now eyeing a £200m float this summer, it has been reported. Drapers looks at what it is getting right.
1 Focusing on affordable occasionwear and eveningwear
Faced with increasing competition from fast fashion giants Primark and New Look in the early days of the business, founder and managing director Tarak Ramzan shifted the focus to affordable evening and occasionwear, targeting women in their twenties and thirties. Finding a niche before the rest of the high street has helped the chain to stand out, although it will need to continue to compete on design and price as more brands continue to branch out into occasionwear.
2 Understanding the importance of digital
From harnessing on the online followings of TV stars from The Only Way Is Essex and Love Island through collaborations to in-store technology such as iPads for click-and-collect orders, Quiz has understood the power of online. The retailer is also exploring installing in-store wi-fi and kiosks where shoppers can get online in store.
3 Staying speedy
Fast fashion is quicker than ever as retailers fight to keep up with changing trends and the temperamental weather. Quiz’s lead times range from two to six weeks, and certain styles can be turned around in two to five weeks, allowing it to keep up with other fast fashion specialists. Speed to market has been built into its business model and Ramzan stresses that all departments, from design to IT, are able to react quickly to demand.
4 Using data
Quiz invested £1m on a new epos system two years ago that helps it to identify winning products early and reduce risk.