Jack Wills has opened a new store in Germany as it embarks on international expansion plans to escape the Brexit-hit pound.
The British fashion retailer has opened the doors to a new shop in Sylt, a Northern German luxury holiday resort which also hosts the Windsurf Worldcup. This follows successful launches at similar US holiday resorts like Martha’s Vineyard, Nantucket.
In a bid to offset the growing cost of imports from the fallen pound, this is set to be the first of 11 stores in its international expansion effort.
“It is only natural that we look to expand our store footprint internationally as we grow as a business and look to reach new customers,” founder and chief executive Peter Williams told the Press Association.
“Our increasingly international store portfolio provides a natural hedge as we look to reap the benefits of a diversified currency base in the face of a prolonged weakening of the sterling.”
For the year ending January 2016, the company saw a four per cent rise in turnover to £137.4 million, and its estate currently stretches across 90 stores in the UK, US, Hong Kong, Singapore and the Middle East.