QUIZ announces intention to float on AIM
Fast fashion omnichannel retailer QUIZ has revealed its intention to float on the Alternative Investment Market (AIM), with dealings in the company's shares expected to commence next month.
QUIZ, which was founded in Glasgow in 1993, operates in 73 standalone stores and 167 concessions in the UK and Republic of Ireland, it also has 70 stores in 19 countries through international franchise partners.
Group revenues at the business grew by 21% per annum from FY15 to FY17 to £89.8m while EBITDA grew 30.6% per annum tot £10.3m. Its fastest growing channels are online and international which 40% and 64.2% growth per annum respectively.
“QUIZ is a strong and distinctive omni-channel fashion brand with a clear customer and product focus. We are delighted to announce the Group’s intention to float on AIM and we are confident that this will help enable the brand to achieve its exciting global potential," said CEO Tarak Ramzan.
“Fast fashion is in QUIZ’s DNA and our ‘just in time’ model ensures that we are always responding in real time to new trends as they emerge. This enables QUIZ to always offer fantastic value and quality products that make fashion forward females feel glamorous and stand out from the crowd.
“The Group’s fast, flexible supply chain together with the winning formula of style, quality, value and speed-to-market has enabled QUIZ to grow rapidly into an established international fashion brand with over 300 standalone stores, concessions, franchise stores, wholesale partners and international online partners in 19 countries. I am very confident that we have a well invested infrastructure, a fantastic team and a clear strategy to accelerate further the growth of the QUIZ brand across all channels and markets,” Ramzan added.
Last year QUIZ opened a 180,000 sq ft distribution centre in Glasgow to support future growth and has plans for further retail roll-outs. It recently opened a new interactive store in Westfield Stratford and says it will open 20 new stores and 20 new concessions in the UK over the next 24 months.
The business says it is seeking admission to AIM (which is also home to fellow fast fashion brands ASOS and Boohoo) to fund further growth and allow shareholders to realise some of their investment. Upon admission it will appoint Peter Cowgill, also chairman of JD Sports, as independent non-executive chairman and Charlotte O’Sullivan as independent non-executive director, and has already appointed Roger Mather as an independent non-executive director.
“I am delighted to be joining QUIZ at this exciting time. QUIZ is a dynamic company with a fantastic product offering and proven routes to market. The Group is ideally placed to capitalise on a wide range of growth opportunities, particularly online, where the brand has experienced very strong growth," said Cowgill.
