Friday 23 March 2018

Fashion chain Footasylum announces London listing

The company is expected to begin trading on London’s junior AIM market in November.

High street sales figures
High street sales figures

By Ravender Sembhy, Press Association City Editor

Premium sports retailer Footasylum has announced its intention to float on the London Stock Exchange in a move that could value the firm at £150 million.

The company is expected to begin trading on London’s junior AIM market in November and will plough the money raised into expansion.

The 60-store firm was established in 2005 by the founders of JD Sports, David Makin and John Wardle, and will open up to 10 outlets a year with a target of “at least” 150.

Footasylum’s products are aimed at 16 to 24-year-old “fashion conscious customers”, with the company dividing its shoppers into six core “tribes”.

Each tribe, Footasylum said, has a “nuanced demographic and regional profile”.

Boss Clare Nesbitt said: “This is a logical next step in Footasylum’s upward trajectory as we seek to build on our exciting product-led, multi-channel expansion strategy.

“We pride ourselves on being a dynamic, adaptive and fast-moving business with a strong competitive position, a great stable of third party and own brands, and a disciplined approach to delivering sustainable growth.

“We see substantial opportunities ahead across our retail, online and wholesales channels, and believe that we have the people, products and strategy to realise them.”

Last year the firm raked in £147 million in revenue and booked an operating profit of £11.2 million.

Menswear accounted for 71% in the period compared with 8% for womenswear and 18.5% for childrenswear.

Press Association

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