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Missguided cashes in on overseas sales boom

Etailer Missguided has doubled like-for-like sales to £60m, helped by strong international sales.

The women’s young fashion business increased UK sales by 102.2% for the year to March 31 and saw strong performances in new markets such as Australia and the US, where Missguided launched local websites in February and June respectively this year.

At present international sales make up 15% of total sales at Missguided, a figure that is forecast to double in 2014 and has the potential to grow to between 60% to 70% in the next five years.

Local-language sites will be launched in France, Germany and Sweden before the end of the year, with more earmarked for Spain and Italy by the end of the first quarter of next year.

Founder Nitin Passi told Drapers Missguided would focus on developing its Australian arm in the short term and hoped to expand into China next year.

“We are looking into setting up meetings with potential partners in China to capitalise on the huge consumer population there, but Australia is a priority at the moment,” he said.

“Compared with the UK the high street offer isn’t particularly strong in Australia and we are more competitive than other retailers, even with delivery charges.”

For autumn 13, Missguided extended its own-brand offer to include footwear, designing 20 exclusive styles ranging from £16.99 to £44.99, with Passi saying it was a “definite growth area”.

The move follows the addition of a lower-priced range in July, in which items including dresses, skirts, tops and leggings are available at half Missguided’s usual retail prices.

The etailer is also mulling the launch of a plus-size range and extending into menswear.

Prices on the website start at £2.99 for jersey T-shirts and go up to £84.99 for outerwear. Each week,  150 new items are added to the site.

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