Smiggle speeds Asian expansion
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Smiggle, the trendy, stationery retail concept from Australia, is to open stores in Hong Kong and Malaysia within 14 months.
Smiggle – popular with students and people seeking gifts – has proven an enormous success in Singapore for its parent, Melbourne-based Premier Investments. During the announcement of the company’s trading results yesterday (read about Premier’s year here) founder and chairman Solomon Lew outlined plans to expand into Hong Kong, Malaysia, Wales and Scotland over the next 14 months.
Based on trading figures from the company’s Singapore store network, Lew said management expected Hong Kong and Malaysia to support 50 stores within five years.
“I am pleased to announce the expansion of the Smiggle footprint in Asia through entry into two new markets, Malaysia and Hong Kong.”
Smiggle’s worldwide sales rose 26 per cent. The company opened 24 stores in the UK during the last trading year and expects to have another 16 open before Christmas.
Lew says both Smiggle and its sleepwear chain Peter Alexander performed beyond expectations in the year past.
The company opened eight new Peter Alexander stores in the first half of the current year and plans as many as 15 more over the next two years in Australia and New Zealand.
Questions & Answers
Q.What specifically is Smiggle's expansion plan in Asia over the next 14 months?
What specifically is Smiggle's expansion plan in Asia over the next 14 months?
Smiggle plans to open stores in Hong Kong and Malaysia within the next 14 months. This is their entry into these two new markets, expanding their Asian footprint beyond Singapore.
Q.How many Smiggle stores does Premier Investments anticipate opening in Hong Kong and Malaysia in the long term?
How many Smiggle stores does Premier Investments anticipate opening in Hong Kong and Malaysia in the long term?
Based on the Singapore network's trading figures, management expects Hong Kong and Malaysia together to support a total of 50 Smiggle stores within five years of their launch.
Q.Besides Asia, where else in the UK is Smiggle planning to open new stores?
Besides Asia, where else in the UK is Smiggle planning to open new stores?
Smiggle is also planning to expand its presence in the UK by opening new stores in both Wales and Scotland. These openings are expected to occur within the next 14 months.
Q.What was the growth in Smiggle's worldwide sales during the last trading year?
What was the growth in Smiggle's worldwide sales during the last trading year?
Smiggle's worldwide sales increased by 26 per cent during the most recent trading year. This indicates a strong performance across its international operations.
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