British handbag brand Radley will have a second attempt to break America via a deal with department store chain Macy’s.
The affordable luxury brand withdrew from the US after a two-year attempt to crack the market but says it is confident of success with the Macy’s deal, which will result in it opening in up to 100 stores before Christmas and up to 300 over the next 12 months, according to The Times.
Radley has also started selling its products on TV shopping channel QVC and CEO Justin Stead said that during its first hour-long show it sold out $750,000 of merchandise in 30 minutes.
“This time around we’re going back [into the US] with a very well thought through plan. I think it’s going to pay huge dividends,” Stead told the newspaper.
Radley was acquired last year by private equity house Bregal Freshstream and prior to that was majority owned by Exponent Private Equity. The brand was founded in 1998 and has around 32 UK stores and is sold in John Lewis, House of Fraser and other department stores and independent retailers, as well as via its website.
At the time of its acquisition around 90% of its sales were generated in the UK with non-UK sales predominantly coming from Germany and Japan; the latter market is also a target for further international growth.