Ted Baker moves to Oz

London-based fashion group Ted Baker not only report a surge in profits this week, but it is also eyeing an expansion strategy which involves taking its brand to Australia and New Zealand.

The urban brand, which operates almost two dozen stores and over 40 concessions in the UK said that retail sales had climbed 17 per cent to GBP 48.8m, with both retail and wholesale sales being up by a third so far this year. Now the brand wants to move into Australian and New Zealand markets after agreeing in principle to enter into a licensing deal with Flair Menswear to distribute its range throughout Australasia.

It is understood the company will initially target about 20 department stores across both Australia and New Zealand in conjunction with Flair (a former licensee of Hugo Boss). If the move proves to be a success, Kelvin said it would also consider opening standalone stores in the region.

In the UK the brand is planning to expand both its children's wear and women's wear ranges later this year.

March 29, 2003

Ted Baker continues growth

British fashion group Ted Baker plc saw its sales climb 13 per cent to GBP 70.2m for the financial year ended 26 January 2003. The company's pre-tax profit amounted to GBP 9.5m.

The company said these results were better than expected and that the cause for this is the new flagship store in London's Covent Garden and the company's activities abroad. The Ted Baker brand is distributed through wholesale, by several licensing partners as well as its retail network comprising 19 stores in the UK, one outlet in Paris and three in the US.

Chief executive Ray Kelvin sees great potential for growth and is striving to make Ted Baker into a global brand. Top priority is being given to expansion on the US market. Last year stores were opened in Miami and San Jose.

The Ted Baker store in New York was opened five years ago and the company plans to open two more stores in the US this year. As of now there are no expansion plans for the European market.

Ted Baker Womenswear continued its rapid growth, with sales for the period rising 16.1 per cent to GBP 30.4m. Menswear increased 12.6 per cent to GBP 35.9m.

March 27, 2003