Fashion

Menswear brand Skopes eyes expansion with HSBC UK funding


Menswear brand Skopes eyes expansion with HSBC UK funding

Leeds-based menswear brand Skopes is looking to expand its high street
presence following a 6 million pound funding package from bank HSBC UK.

The family-run retailer, which celebrated its 70th anniversary last
year, plans to open 15 new stores across the UK over the next 2-3 years,
which will join the retailer’s existing presence online, at multiple
department store concessions and in stores within Westfield in London,
Junction 32 and Meadowhall in Sheffield.

The funding will also enable the company to strengthen its import
channels from China, Bangladesh and Europe, and target online marketing
activity, such as digital and mobile advertising. Online sales account for
around 20 percent of overall sales for Skopes.

The company said that its overall expansion plans are expected to
increase turnover from 30 million pounds to around 60 to 70 million pounds
over the next three to five years.

Simon Cope, owner and managing director of Skopes, said in a statement:
“2018 was a big year for us. Seventy years after the business was founded
by my grandfather, Sydney Cope, we completely re-branded and the energy
this brought propelled our growth forward. While cultivating a strong
digital following is key for us, we believe bricks and mortar stores still
have a hugely relevant role in the retail landscape. We want to capitalise
on this by rolling out 15 new stores nationwide. The HSBC UK funding will
enable us to create stores that respond to consumer demand and trends which
is imperative if we are to remain relevant and attractive to our
ever-changing market.”

The expansion will create 200 new jobs, according to the brand, which
will span retail, warehouse and office roles. The new hires will bring the
business’ total workforce to over 500 and will represent the biggest growth
phase the company has seen since its inception in 1948.

James Sawley, HSBC UK’s head of retail, added: “Skopes has proven itself
as an agile, ambitious and extremely relevant brand in a consumer market
that can often be challenging and unpredictable. Its approach to having a
prominent online and high street presence is commendable and reassuring for
other retailers. We’re confident that Skopes can deliver a unique shopping
experience for thousands of people across the UK.”

Photo credit: Skopes at Westfield London, courtesy of the
brand



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