Formal menswear retailer expands footprint with three more stores
Suit Direct owned by Baird Group and advised by Savills, has agreed terms on three new stores in Leicester, Birmingham and Newcastle, expanding its footprint to 27 stores across the UK and with further stores in the pipeline.
The firm has simultaneously further strengthened the Suit Direct brand by forming a partnership with Ted Baker.
In Leicester, Suit Direct will open a new shop at the Highcross shopping centre having agreed terms on Unit LL91 adjacent to Next and Superdry.
Highcross shopping centre boasts a range of over 135 shops, cafes and restaurants, with over 3,000 car parking spaces and annual footfall figures in excess of 18 million.
Josh Howe, associate director in the retail team at Savills Leeds, adds: “Well located retail units with high footfall continue to be in demand and the market is presenting good opportunities for good quality retailers.
“Suit Direct is a fantastic example of a resilient business that has adapted its offer to include more casualwear attracting a wider customer base.
“This has allowed it to continue to capture market share where other fashion brands have failed.”
In order to further drive the appeal and offering within Suit Direct, Baird Group has announced a partnership with Ted Baker:
Ted Baker, the global lifestyle brand, has confirmed it has entered into a product licence agreement with Baird Group, for men’s formalwear.
Under the terms of the three-year agreement, Baird will work with the creative team at Ted Baker to create and distribute men’s formalwear in the UK, Europe and Rest of World. The first collection will launch in spring 2021.
Phil Clark, group commercial and business development director at Ted Baker, said: “We are delighted to be working alongside Baird, a true expert in their field who share our passion for unwavering attention to detail and firm commitment to quality.
“This partnership simplifies and helps consolidate a key category for us and we hope to apply the experience from our successful North American partnership across these other territories.
“As we continue to rationalise and enhance our product license portfolio, this new partnership is another step in transforming our business and returning Ted Baker to growth.”
Mark Cotter, CEO of Baird, said: “We are thrilled to have the opportunity to help build and develop the Ted Baker formalwear business across the UK, Europe and other international markets.
“We will produce high quality, innovative and stylish products made to the highest quality level expected by the brand. We have admired Ted Baker for many years and recognise the power of their brand. “