Trading at N Brown Group, the new owners of Figleaves.com, has flattened as consumers work out what the recent election means for them, the company said today. But the group says it is “excited by the opportunities” for the lingerie website.
N Brown Group, which owns niche home shopping businesses predominantly in the fashion sector, bought Figleaves in June. Today, in an interim management statement, it said the move, together with its development of High & Mighty and its upcoming launch of the plus size brand Simply Be’s US website and catalogue, built “on our strategy of targeting niche customers and products and, together with the continuing strong financial position of the group, give the board confidence in the future outlook for the group.”
The statement, issued ahead of the group’s annual general meeting today, said total group revenue had increased by 1.1% in the 18 weeks to July 3. Sales had risen by just 0.1% on a like-for-like basis.
“Trading since the general election has been subdued as customers assess the likely impact on their personal situation of the coalition government’s new policies,” said the statement.
Online accounted for a growing share of the company’s business, and now represents 41% of total sales. IN response to flat sales, recruitment expenditure is to be increased beyond budget as such activity has generated good results, particularly from online search engines and newspaper and magazine adverts.
In women’s clothing and footwear the company had increased its share of the market, despite falls in sales for customers aged 65 or over and for plus 16 sizes.