LPP, the Polish owner of fast fashion store Reserved, is set to target rapid UK expansion over the next year, despite its first UK store making a loss.
Reserved opened its debut UK store to much fanfare in September 2017, in the old BHS store on London’s Oxford Street. Chief executive of LPP, Marek Piechocki, told The Sunday Telegraph that despite UK operations being loss making in the first year, there were plans to roll out numerous UK locations in the near future.
Despite high street uncertainties, which have included young fashion rival New Look undertaking a CVA, Piechocki remains optimistic about the future. “For sure right now we have losses [in new the UK market], everybody does for their first couple of years. When H&M entered Germany, which is today their biggest market, they had losses for seven years,” he said.
Reserved is a big name in the eastern and Central European retail sector, and also has stores across Germany. Founded in 1998, Reserved has grown from a 215 sq ft corner shop in the town of Gdynia, Poland into a network of more than 450 stores across 20 countries.