Expansion plans for Middle Asia and SE Asia.

 

Parent company Premier Investments has announced the demerger of its fashion stationery retail chain Smiggle.

In its interim results, the company said a strategic review has concluded a demerger of Smiggle was likely to “maximise and accelerate” its growth opportunities over time. 

 

It is planning to demerge the business in January 2025. 

 

In the six months to 27 January 2024, Smiggle reported revenue of $184 million a year-on-year decline of 3.6 per cent. 

 

The figure was around fibve per cent lower than the pre-COVID level, but the group now  has 305 stores versus 356 four years ago. For the rolling 12 months to January 2024, Smiggle delivered global sales of $313 million, up 2.4 per cent.

 

The Middle East and Asia are key growth markets for Smiggle. There is a long-term plan with its regional wholesale partner for 60 freestanding stores across the UAE, Qatar, Kuwait, Oman and Bahrain. Meanwhile, a new agreement has been reached for a similar arrangement involving up to 100 outlets in Indonesia.