On the eve of its first birthday, lingerie company Boux Avenue has announced an optimistic outlook for its future, based on a positive first year of trade.
Launched as a multi-channel brand with a strong focus on E-Commerce, the retailer has a thriving web business supported by nine stores across the UK – with two more set to open in April.
Theo Paphitis told Lingerie Insight: “We’re hitting numbers. We’re not profitable, we’re not going to be profitable for years, but we’re hitting plan and that’s the key point for reinvestment…
“We’re going to lose lots of money next year but, hopefully, by the end of the third year we’ll be where we want to be. What we’re not compromising on is quality, we’re not compromising on marketing and we’re not comprising brand build… Being a private company allows us to do this.”
By end of April 2012, the company will have created a total of 260 new jobs, bucking the downward unemployment trend of recent years.
Each store has an average of 15-20 staff on its roster, with stores such as Bluewater retaining a nearly identical staff line-up since launch a year ago. Each new store opening, according to the company, sees around 400
new applications received.
Since it was founded, the brand has sold well over a quarter of a million bras, with plans to substantially increase this figure in the coming year through an aggressive expansion plan, which will include entering international territories.
Paphitis added: “My personal ambition for the brand is to make it into a worldwide brand. I want it to be an international brand. It’s fun for me to do something like that.”
Read our exclusive interview with Theo Paphitis in the April issue of Lingerie Insight.
View Boux Avenue’s birthday video below: