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TM Lewin reshuffles to focus on multichannel future

TM Lewin’s chief financial officer Mike Trotman will be the latest senior executive to leave the company as it gears up for a relaunch following a refinancing deal completed in August.

Mike Trotman and Geoff Quinn of TM Lewin

Mike Trotman and Geoff Quinn of TM Lewin

The company is kickstarting a phase of growth, with a focus on multichannel expansion, following a couple of years of relative inaction due to financial restraints. 

Chief executive Geoff Quinn, who has been with the business for 35 years, told Drapers that the deal with Sankaty Advisors, part of US private equity firm Bain Capital, provides an opportunity for the senior team to be reorganised and the business to better position itself financially for the future.

Chief financial officer Mike Trotman, who has held the role for nine years. will leave in the next few months to pursue new opportunities. He follows chairman Tony Campbell, creative director John Francomb and ecommerce director Andrew Mossman, who announced their departures last month.

Former N Brown chief executive Alan White has replaced Campbell as non-executive chairman to drive the company’s multichannel strategy. Francomb’s product responsibilities have been assumed by technical director Wayne Carter and head of menswear Anthony Procopi. Mossman, who is working out his notice, has not yet been replaced.

Around 15 people across the buying, merchandising, design and marketing teams have been made redundant in recent weeks.

“We have taken the opportunity to look at where we are today and where we want the business to be in future,” said Quinn. “Retail will continue to be central to what we do but we do recognise that there is more we could do to knit our offline and online businesses together.”

TM Lewin, which runs almost 100 stores (around 90 in the UK and five in Australia) and a further 90 franchises globally, made a £636,000 pre-tax profit in the year to March 1 2014, following losses of £1.4m the year before. Sales rose to £106.8m from £106.7m in 2013.

Approximately 20% of business is online; around 30% of that is international. More than half of all UK orders are click-and-collect, while sales made via iPads in-store are up 60% year on year.

Quinn said promotions such as its four-shirts-for-£100 offer are “who we are and we don’t want to change that”, but the business is evaluating some of the other additional promotions it offers.

“We want to put greater emphasis on product development and the customer experience,” he added.

Around 50% of sales are in core business shirts but casual shirts, jackets and lightweight knitwear have been proving successful recently and are an opportunity for future growth, alongside a more premium tailoring offer beyond its suits, which currently range between £145 and £329.

“We have focused a lot on price in the past, so we want to raise more awareness on the quality, design and fit of our products going forward,” he said. “All our shirt collars, with the exception of the non-iron ones, are made of 12 separate pieces, but we’re not always the ones to shout about that and we need to do that more.”

Readers' comments (8)

  • Their net profit highlights the issue of being price driven.

    4 for £100... Oh dear.

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  • So how come they are so cheap and sell them so cheap?
    They have a market stall mentality and ruin a Brand based in St James, I wish they were kicked out of Jermyn Street all they do is devalue the place and all its retailers.
    I TS NOT A GOOD FORMULA!!!

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  • T M Lewin over the last 40 years has driven business to Jermyn Street, in what would otherwise be a dead street of over priced indifferent quality products.They then had the vision to take the brand out to the whole Country.

    If you consider the number of successful businesses who have followed their philosophy and thrive today, they should be congratulated on maintaining the "feel good" factor for a much wider audience.

    It would be a good if the Mr Anonymous's Man up and put there name to such small minded comments

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  • Wow you have a bit of a problem if you consider yourself the saver of Jermyn Street. If you are the ideal model for quality and price etc them what hope. You have managed to become the Debenhams of the street always on offer, so many senior staff have left and at last you have made a profit.
    Can you put a list together of people who have followed their philosophy it would make interesting reading.
    Think you will find most of the Street Brands MAKE A PROFIT and would do even better if you stopped discounting!

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  • According to the Sunday Times
    Charles Tyrwhitt turnover £155.4 million PROFIT £16.3 million I rest my case!
    Sure you are the Company to follow. Sales £106.8 million Profit £633,000!
    Need one say any more!

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  • That is a rubbish pre tax profit in relation to turnover. HMRC usually investigate such things...

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  • Doug good to come out - please re read what I originally wrote about

    CT are a discounter as are HC

    They started up after TML and have followed the same strategy of discounting - Your therefore case is rested!

    Also great range of WHSR in TKM - quite a bargain!

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  • Dear Sir, I wouldn't know about Mr Hunt and the comment "come out " makes no sense. TKM has the best labels in the World in their shops unfortunately not yours as the are so cheap already!
    They are all discounting because you started the slippery slope downwards, I suggest you go and ask them would they rather be selling at proper prices! How about you try and sell them at proper prices and see what happens!
    Sorry I don't know who you are but its time to get on with other matters, good luck in the future! So you are aware I put my name to my comments !!!!!!!!!.

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