Selling fashion across sales channels: what Next and Missguided said this week
Next and Missguided both had figures out this week. We ran a multichannel lens over the two fashion retailers' statements.
The Missguided update
Missguided, founded in 2009 by Nitin Passi, reported revenues of £206m in the year to March 2017, a 75% rise on the same time last year, and said that profits had grown strongly on the previous year. International sales rose by more than 130% to account for more than 40% of the business.
Its website sees 25m monthly visitors and it has more than 3.7m social media fans.
Adding shops to online
Missguided said it continued to invest in multichannel growth, both online and by opening new stores. It now has three concessions in Selfridges and its own 21,000 sq ft flagship store in Westfield Stratford. It will open its second Missguided store at Bluewater, Kent, in June. Further afield it has worked with Canadian department store Hudson's Bay as it expands its reach.
The Missguided app has been downloaded more than 1.3m times since it was launched in March 2017.
Marketing across channels
The brand has focused on digital marketing campaigns and collaborations with supermodel Jourdan Dunn and "global infuencers" Carli Bybel and Natasha Oakley.
Investing in infrastructure
Missguided moved into a new warehouse and also implemented SAP's Fashion Management Solution ERP System.
Next: as shoppers move from stores to online
Next reported an overall 3% fall in full-price sales in its first quarter. Its retail sales, which take place in stores, were down by 8%, while its directory sales, which are predominantly online, were 3.3% up. However, sales in new stores were up by 1.6%. It is now predicting full-year profits will be down by between 6.4% and 13.9% compared to the previous year.