Andy Bond is one of the names behind a £20m backed retail venture, which is set to shake up the competition in Britain’s discount fashion market.
It is understood that the business plans to open 50 stores within two months from July 2015. It will specialise in clothing for mothers and their children, selling both clothing staples and fashion items.
The project, codenames ‘Project 50’ will be selling clothes at affordable prices and has aims to compete with supermarkets. Andy Bond has been appointed especially to head up this business due to his prior experience of running George in Asda, he will be further supported by Adrian Mountford, who ran Sainsbury’s Tu clothing brand and was a former board member at Matalan.
The new chain will represent the first ever British investment by Pepkor UK, a vehicle backed by Mr Bond and Pepkor chairman Christo Wiese, the South African billionaire. (Based in Cape Town, Pepkor is a South African investment company with retail interests in Africa, Australia and Eastern Europe.)
According to reports, property agency Savills has been brought onboard to search for high street stores with 3,000-5,000 sq ft footprints.
In a statement, Pepkor said: “Pepkor UK can confirm today’s media speculation that it intends to launch a new chain of UK challenger fashion stores that will give shoppers on a budget remarkable value. The stores will start at scale and adapt at pace, with the launch expected in the summer of 2015, focused on autumn and winter ranges.”
The headquarters will be located in Watford, Hertfordshire.