Cruise has outlined plans to shake up the designer mini-chain’s brand mix and support emerging designers following the resignation last week of buying director Martin Lacey.
Speaking publicly for the first time since taking the helm in October following the departure of managing director John Heath, Cruise chief executive James Pow said he planned a radical overhaul of the business.
For autumn 10, Pow will bring in more emerging designers with a profile “similar to Christopher Kane” who have had “at least two strong commercial seasons”.
He said Cruise’s budget for some undisclosed brands would be reduced and that a small number “at the entry-level price range” would be dropped following feedback that Cruise, which built its business around super-brands such as Gucci, Prada and Giorgio Armani, had become “too high street”.
Pow said: “The big brands will always have a presence but we would be foolish not to pick up emerging, edgier, younger brands.”
Pow will not close any of the retailer’s 11 stores and said they would be rebranded to focus either on mainline or denim ranges, with some being rebranded to the Cruise Jeans fascia.
Cruise has the potential to “double turnover within the next three years”, said Pow. He expected turnover for the financial year ended January 2010 to be about £27m with EBITDA in positive territory.
Pow is seeking a replacement for Lacey at the business, which went into pre-pack administration in May.