Smiggle’s global push races ahead

PREMIER Investments will roll Smiggle into 10 more countries in Asia, Europe and North America, giving 775 million new customers access to the pester-power superbrand.

The move — increasing the potential customer base for the children’s stationery retailer more than six-fold, to 920 million — comes as it halts its UK stores rollout as shoppers tighten the purse strings amid Brexit chaos.

Premier yesterday unveiled a record first-half profit and dividend, fuelled by a turnaround in the performance of longstanding fashion chains Just Jeans, Portmans and Jay Jays.

However, the Brexit saga handed Smiggle its slowest sales growth in a decade, prompting Premier to push back its goal to hit $450 million in annual sales by July 2020.

It now expects to hit that mark by December 2022.

Net profit at Melbourne- based Premier, backed by retail billionaire Solomon Lew, jumped to $88.8 million for the six months to January 26, up 13 per cent from the same period a year earlier.

Premier yesterday said Smiggle had struck partnerships with five major retailers in new offshore markets.

The brand will be sold in 100 stores across Indonesia, the Philippines, South Korea, Thailand and the United Arab Emirates from the middle of the year.

Smiggle will launch in Canada later in the year, again through a local retail chain.

The Canadian launch, which will target three cities, will give Smiggle is first exposure to the massive North American market. Smiggle will begin selling in France, Italy, Germany and Spain through Amazon by July.

Premier also expects to launch Smiggle in mainland China within the next year.

Premier declared an interim dividend of 33c a share, fully franked, up 4c.