Italian fashion retailer Gruppo Coin is scouting the UK for potential locations for its Coin department store and OVS fast-fashion chains.
Gruppo Coin is the clothing market leader in Italy with a 4.5% market share. Coin is the largest department store chain in Italy with 81 stores in the domestic market and a handful of stores overseas. It sells brands including Desigual, Comptoir des Cotonniers, DKNY, Esprit, Firetrap, G-Star, Miss Sixty, Calvin Klein, Diesel and Hugo Boss alongside its own label.
OVS has sales of €804m (£705.9m). It has a network of more than 360 shops in Italy and overseas, and manufactures some of its own collections. Jeans retail at €13.90 (£12.20).
Retailers including Primark, New Look and House of Fraser will watch Gruppo Coin’s UK debut with interest. OVS is well placed to cash in on the flight to value in the UK but Coin faces a competitive UK department store market.
A spokesman for Gruppo Coin said the group was looking for possible UK locations but added: “So far, it hasn’t found anything
that may fit with Coin or OVS formats yet.”
In the full year to January 31, net sales at the group – which is listed on the Milan Stock Exchange and majority owned by private equity firm PAI Partners, which also has a controlling stake in Spanish fashion company Cortefiel – were €1.15bn (£1bn), a 2.3% drop compared with the same period last year. EBITDA fell 7.5% to €133.7m (£117.3m) over the year.
In June, Gruppo Coin chief executive Stefano Beraldo said the group was forging ahead with 20 store openings outside of Italy this year, largely via joint ventures.
Edward Whitefield, chairman of consultancy MHE Retail, said: “OVS is one of the best value fashion retailers in Europe. However, the UK is one of the most professional and most competitive markets in Europe and there are easier fruits to pick on lower-hanging branches in Western Europe.”