Tue, 17 Sep 2013 | BUSINESS SALE
The Hut Group bought fashion retailer Coggles out of administration last quarter but has now announced its plans to turn the business around.
The firm's new owners are planning on doubling or even trebling the size of the business by focusing on online expansion plans and dropping its outlets.
Based in York, Coggles has offered a range of over 200 men's and women's designer collections for new designers, established fashion houses and international brands since 1974. But while it once operated out of outlets, the Hut Group is to make the firm a purely online business.
Steve Whitehead, Hut's commercial director, told the Yorkshire Post: “We can't change autumn/winter 2013, but we've ordered the products for spring/summer 2014 so we expect more of an impact next year.
“I really see a big step up for Coggles. We're looking to double or treble the size of the Coggles site. We want to enhance the Coggles brand. It's so strong it has won every draper's award going.”
He added that Coggles and The Hut Group share a similar approach to fashion, explaining that the companies have both generally avoided high fashion and focused on high-end brands instead, selling items that people will come back for more than once. “It's about very strong lifestyle products, not brands that come and go,” he noted.
The new owner's change in approach to the management and development of Coggles looks set to help bring the brand back to health.
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Related information:
Online clothing retailer Coggles in administration
Coggles receives plenty of interested bids
How to turn around a struggling business
This is a unique opportunity to acquire two well-established B2B companies operating across multiple sectors throughout the UK, boasting strong client relationships and secure contracted revenues poised for further expansion.
LEASEHOLD
This is a unique opportunity to acquire a prominent company in a specialist sector with a high barrier to entry, offering integration potential and a cash-generative model with repeat revenue.
This business presents an enticing opportunity with established relationships with blue-chip organisations globally, a strong client retention rate, and the potential for relocation.
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