Fast growing fashion retail firm Supergroup has today confirmed that contracts have been exchanged on a new flagship store for its leading brand Superdry on London’s Regents Street.
The new 59,000 sq ft outlet, which will have 38,000 sq ft of trading space spread over four floors, is set to open before the end of this year.
Ahead of an analyst meeting being held later today, Supergroup explained that the new additions of Hollister, Burberry and Abercrombie & Fitch on Regents Street had made the location desirable to the company as a new major fashion setting in the capital.
Supergroup has also reported that sales growth in the year-to-date has stayed in-line with last year’s trading but that the last three weeks has seen a marked improvement.
In February the group purchased the CNC Collections BVBA business as part of a franchise model which it hopes will see it successfully establish itself in Europe.
Julian Dunkerton, CEO of Supergroup, added: “The potential for our brand remains, both in the UK and internationally, where we see largely untapped capacity and where the CNC acquisition is already proving critical in helping us to accelerate our growth.
“We have clear visibility on our roll-out programme for the first half and remain confident of delivering our target store openings this year.”
The retailer anticipates opening between six to ten stores in the first half of its financial year, with three on schedule to open in the first quarter. The group reiterated its belief that it can eventually operate 150 outlets in the UK.
Supergroup says that online sales make up eight per cent of its overall trade but thinks this can reach as high as 20 per cent, with it now operating French, German and Belgian language sites and a Dutch one set to go live very soon.
Dunkerton added: “We remain positive about the outlook and the continued development of the group in the current year.”