Retail News CRM

Tag: Jack Wills

  • Jack Wills sold to Sports Direct

    Jack Wills sold to Sports Direct

    Struggling UK fashion chain Jack Wills has been bought by Sports Direct for £12.75 million after being placed in administration.

    Sports Direct, owned by retail entrepreneur Mike Ashley, has bought Jack Wills’ stock and taken over its distribution center, 100 stores and employees across the UK and Republic of Ireland in what is known as a “pre-pack administration” deal.

    The fate of the brand’s stores in Hong Kong, Singapore and the US is not yet known with “alternative options being considered” by the company’s directors, according to a statement released overnight.

    The Jack Wills business sold to Sports Direct has about 1700 staff spread across the business, six franchised stores in Kuwait, Saudi Arabia, the UAE, and the Channel Islands, and an e-commerce channel serving 130 countries.

    Pippa Stephens, retail analyst at GlobalData, said that while Mike Ashley has given Jack Wills a much-needed lifeline, she fears he already has far too much on his plate to make the ailing lifestyle brand a priority and implement a successful turnaround strategy.

    “While Ashley recently admitted that he regrets purchasing House of Fraser, significant time and money are still required to resurrect the failing department store retailer, making it the focus if Ashley is to retain his self-penned ‘savior of the high street’ label,” said Stephens.

    “Jack Wills has lost relevance in the UK clothing market as its heavily branded, preppy products no longer appeal to 16-24-year-olds who now prefer more edgy, aspirational brands. Consistent discounting has devalued its full-price proposition, while its stores have lost their appeal and uniqueness.

    “Jack Wills needs to be substantially revamped if it is to revive its desirability, win back shoppers and establish a new loyal customer base. Without sufficient investment in modernizing ranges and improving the in-store experience, we expect it to continue to struggle in today’s competitive youth segment.”

    Private-equity owner BlueGem began canvassing for prospective buyers for Jack Wills early last month after engaging advisory firm KPMG to prepare a review of the business’ prospects. According to companies office records, Jack Wills lost £29.3 million for the year to January 31 last year, and a £28 million cash injection from BlueGem in January this year has been almost exhausted.

    Lees ook:

    Lees ook:

  • Buyers line up for troubled Jack Wills

    Buyers line up for troubled Jack Wills

    Prospective suitors are lining up to bid for troubled fashion retailer Jack Wills.  Among those on the list are Marquee Brands – the parent of Ben Sherman – Sports Direct and Philip Day, who owns Edinburgh Woollen Mill and who recently took a controlling interest in distressed women’s-wear retailer Bonmarche.

    Among other prospective buyers identified by Retail Gazette as in “the early stages of assessing a possible offer” for Jack Wills are Crew Clothing, restructuring firm Hilco and investment firm Alteri.

    BlueGem began canvassing for prospective buyers for Jack Wills early this month after engaging advisory firm KPMG to prepare a review of the business’ prospects. According to companies office records, Jack Wills lost £29.3 million for the year to January 31 last year, and a £28 million cash injection from BlueGem in January this year has been almost exhausted.

    BlueGem has said it would retain a minority stake in the business, which it clearly still believes in.

    “The current investors believe the business can benefit from being part of a larger platform and would welcome the opportunity to retain a minority stake, which allows them to realise value from their investment to date,” the KPMG document reads.

    Lees ook:

    Lees ook:

  • Jack Wills bags cash injection to save the business

    Jack Wills bags cash injection to save the business

    Creditors of fashion label Jack Wills under HSBC have ordered an assessment of the firm’s finances, according to a report. The news comes just weeks after Jack Wills achieved new investment of £10 million (US$12.8 million), followed by speculation that the company may soon need further financial help – prompting the appointment of advisers from auditing firm EY.

    The new investment reportedly comes from an unnamed wealthy Italian family, which has previously invested in Jack Wills’ majority shareholder, BlueGem Capital Partners. BlueGem itself is thought to have provided a similar injection of cash. The identity of the investor is likely to be revealed following reports expected to be filed at Companies House.

    Brand co-founder Peter Williams was ejected from the firm’s board last year, with new executives brought in to effect a turnaround.

    Jack Wills operates more than 90 stores worldwide, including five stores in Hong Kong and two in Singapore.

  • Jack Wills becomes new brand in Zalora Asia

    Jack Wills becomes new brand in Zalora Asia

    British clothing brand Jack Wills has made its Asian online debut on Zalora.

    Its outlet on Zalora will offer more than 200 curated items of womenswear, menswear and accessories,
    “We are excited to have Jack Wills exclusive online across our markets,” says Zalora chief commercial officer Saskia de Jongh. “Through our website, mobile site and app, as well as our logistics network, Jack Wills will expand its reach to more fashion consumers beyond capital cities and store footfall.”

    “This partnership will continue to build on Jack Wills’ ever-growing popularity in this part of the world, supported by our established network of stores in Hong Kong and Singapore,” says Jack Wills wholesale and international director Greg Roberts.

    The Jack Wills’ spring/summer collection, Times of Change, reflects a British heritage-inspired style that showcases simple yet elegant and versatile wardrobe staples with layering essentials, florals and bright colours, says the retailer.

    Established by Peter Williams as a single shop in the seaside town of Salcombe by Peter Williams in 1999, Jack Wills is known for heritage-inspired classics with a contemporary twist. It has become an international brand with 80-plus stores in the UK, US, Hong Kong, Singapore and the Middle East, and ships to 126 countries.

    Lees ook:

  • Jack Wills fails to maximise Christmas opportunity

    Jack Wills fails to maximise Christmas opportunity

    Jack Wills, well known for its preppy style and predominant pink and navy colour palette, has reported an unexciting 1 per cent increase in like-for-like sales in December.

    However, back under the control of co-founder Peter Williams after a difficult few years, the chain’s profit margin increased by 6 per cent year-on-year after discounting was reduced.

    While other lifestyle brands such as Joules and Superdry have flourished over Christmas, Jack Wills has struggled to defend its place in the ever competitive market, indicating its appeal at home may be on the wane.

    Despite difficult trading conditions in the UK, the retailer’s international online sales doubled year-on-year, highlighting the brand’s potential in foreign markets, particularly in Asia. Jack Wills also saw mobile sales rise 60 per cent year-on-year, in line with other retailers’ growth for mobile, ensuring further investment to improve the mobile experience is a must to reduce pain points and drive conversion.

    Jack Wills’ bath and beauty category proved bountiful for the retailer, growing 44 per cent versus last year, and women’s loungewear and underwear also grew 20 per cent and 10 per cent respectively. The growth in these categories shows how the brand is a destination for premium gifting over the Christmas period, particularly for women. Jack Wills must now focus on further developing its menswear and grooming ranges in order to better capture the male gifting market.

    While the brand has recently launched its first activewear collection, capitalising on the athleisure trend, it is late to the party and Jack Wills must encourage existing, loyal customers to buy into its activewear offer for the first time. Jack Wills’ founder, Peter Williams, and private equity firm, BlueGem, will need to focus on driving destination appeal, especially as 2017 can be expected to be challenging with muted volume growth.

    -Charlotte Pearce

    Lees ook: