Cheap Monday is to target wholesale in the UK as part of its wider expansion plans.
The Swedish label, best known for its denim range, has around 100 UK stockists including Selfridges and Asos. The business is hoping to grow its mix of online, department store and independent accounts in “larger UK cities”.
Cheap Monday chief operating officer Håkan Strom told Drapers: “The growth potential is across all categories, we are nowhere near our peak. Our core strategy is wholesale. We still have room for growth with wholesale in many UK cities and believe there is big potential with existing wholesale customers as well as new ones.”
He added: “UK customers were early to take Cheap Monday to their hearts. From the beginning we’ve had many good customers and have developed a lot since then.”
The company is establishing its own team of London-based sales representatives to put “full focus, commitment and attention” on the UK market.
Cheap Monday has one UK standalone store, at 39 Carnaby Street in London, plus concessions
at Selfridges in London and Manchester. Retail prices range from £10 for jersey T-shirts to £70 for outerwear.
While there are no plans to open more UK stores at present, Strom said the standalones would “strengthen” the wholesale business as it showcases the full collection to existing and potential customers.
As part of the company’s international expansion, Cheap Monday is planning to open its first
standalone stores in China, in Beijing’s two Joy City shopping malls in December. Another 2,152 sq ft
store will open in Shenyang, northeast China, early next year. The brand already has a wholesale
presence in China via retailers including Lane Crawford, Mixtra, True Blue, D-mop and Galeries Lafayette’s new Beijing store.
Cheap Monday will also launch a transactional website at the end of this year, shipping to 18 European