Upmarket clothing and footwear retailer LK Bennett is planning to open a further 10 stores in major US cities over the next three years as it embarks on a major global push.
In May of this year the retailer secured a £16m credit facility from Lloyds Banking Group which it plans to use in order to accelerate its international expansion, with a particular focus on the US.
The retailer has already opened a showroom and offices in Manhattan in order to drive the US business and in April this year it opened a 2,100sq ft flagship store in New York. LK Bennett also plans to open a US version of its website in the next 18 months to two years.
“Right now, just 8% of the business is wholesale, but it’s going to grow massively for us,” he explained. “We’re playing on three major product categories — shoes, bags and ready-to-wear — and creating a balance between design, quality and price.”
Elsewhere, the retailer will open eight concessions in Printemps locations and seven in Galeries Lafayette in France this year. Four concessions are also planned for El Corte Ingles in Spain and another four for de Bijenkorf, the Dutch department store.
Franchise stores will open in Dubai, Qatar, Kuwait, Abu Dhabi, Lebanon and Kuala Lumpur later this year.