Branded young fashion chain Envy is to shut up to 12 underperforming stores and rebrand its remaining shops to Tom Wolfe in the new year.
Envy chief executive John Kinnaird, who completed a pre-pack administration of Envy last December to exit some of its leases, said “half a dozen” Envy shops would definitely close in the new year. A further six have been earmarked for closure but could stay open if favourable deals can be struck with landlords.
Envy has 28 shops and Kinnaird already trades nine young fashion Tom Wolfe stores. “In the next 18 months we will try to convert them all to Tom Wolfe,”
However, Kinnaird said the Tom Wolfe stores would continue to stock branded merchandise, albeit at a lower level than Envy had. Own brand will make up 60% of the offer in Tom Wolfe against 40% in Envy, but Kinnaird singled out brands such as Duck And Cover, French Connection and Fred Perry as being key brands to the future of the business.
Kinnaird said ramping up own label would help improve margins. “The clothing sector is very competitive and it’s not been a great season.”
Separately, Kinnaird said his fashion footwear chain Faith continued to trade well. He said he planned to add five new shops to the 80-store chain and 20 new concessions next year.