Women’s cashmere brand Pure Collection is to open between 40 to 50 stores over the next five years, its new chief executive John Nicholas has told Drapers.
Pure Collection spring 16
Earlier today Drapers reported on Nicholas’s appointment to the role, as founder Nick Falkingham steps back to take on the more strategic position of executive vice-chairman.
Nicholas has been tasked with growing the brand’s retail presence, and revealed Pure Collection will begin to open the new stores “at the tail end of 2016” as part of a five-year plan and is already in conversations with property agents.
Pure Collection has been working with retail consultancy Pragma to profile the demographics of areas to determine where the new stores should open and, although it has yet to confirm locations, Nicholas said there will be a “bias towards the south [of England”.
He added: “We have proven the concept with our John Lewis concessions, which is a really important relationship, but our own stores will be even more essential.”
Pure Collection has 22 concessions and seven own-brand stores in the UK in Tunbridge Wells, Chichester, Guildford, London, Marlow, Reigate and York, as well as an ecommerce business and mail order in the UK and US.
Nicholas said there are plans to launch into another market internationally, but declined to reveal any further details.
To facilitate the business’s growth over the five-year period Pure Collection is relocating its warehouse within Knaresborough to a 45,000 sq ft unit – roughly double the size of its current facility – representing an investment of £500,000.
Pure Collection had turnover of £33.1m for the year to August 31 2014 – up from £30.7m the year before.
Nicholas said: “We are looking to grow significantly and I would be disappointed if we are not pushing towards £100m [in the five-year period].”
Retail prices range from £69 to £180 for trousers, £79 to £349 for cashmere and £70 to £1200 for jackets and coats.