Austin Reed suited and booted for a high street revival
THE chief executive of Edinburgh Woollen Mill is set to revive the Austin Reed brand, bringing it back to the high street following its collapse earlier this year.
Billionaire Philip Day acquired the brand and is now planning on opening 50 Austin Reed stores by early 2018.
The Edinburgh Woollen Mill group will be investing £100m in the Austin Reed revival after acquiring the brand from administrators in May.
The company has already relaunched the brand online, with a new autumn/winter collection.
Steve Simpson, group commercial director of Edinburgh Woollen Mill Group, said: “We are committed to continuing this organic growth, while also bringing our offer to more customers by opening new stores across the UK.
“The addition of the Austin Reed brand will help us to do that, while, by remaining debt-free and with a strong balance sheet, we are always ready to take advantage of any further opportunities through acquisitions, as and when they may arise.”
AlixPartners were appointed as administrators to the company in April 2016. 120 stores were closed by the end of June, making 1,000 staff redundant.
Attempts were made to sell the business, and a bid from Mike Ashley of Sports Direct was even considered.
Founded in 1900, the London-based fashion retailer, located its main support functions in Thirsk, North Yorkshire.
Edinburgh Woollen Mill increased revenue to £576.3m this year with profits before tax and exceptionals rising 2.4% to £90.9m.
