Austin Reed to return to the high street next year
Menswear retailer Austin Reed is set to return to the high street after having been recently relaunched online.
The retail chain closed its stores after falling into administration earlier this year, however it is now set for a comeback as new owner Edinburgh Woollen Mill Group plans to open 50 Austin Reed stores by 2018.
Edinburgh Woollen Mill Group acquired the collapsed menswear company in May this year and has recently relaunched the brand with a new autumn/winter collection available online.
A larger spring/summer collection will follow early next year.
The group’s £100m store rollout programme for the 116-year-old clothing chain will see the launch of new stores, including a flagship store in Central London, over the next three years. The first locations are planned to open towards the end of 2017.
The Edinburgh Woollen Mill Group, which also owns fashion brands The Edinburgh Woollen Mill, Peacocks and Jane Norman, plans to open 200 new stores across its portfolio by 2018.
The announcement follows a year of strong sales and record profits. Total sales for the year to February 2016 increased to £576.3m from £562.6m a year earlier, while pre-tax profit rose 2.4% to £90.9m.
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