Quiz looks to step up global online push as sales soar

● Internet sales jump by more than 200% as benefits of new Scottish centre kick in

Quiz, the Glasgow-based fashion chain which made its stock market debut in July, is stepping up its international expansion and online push after reporting a 35 per cent jump in first-half sales.

In its first trading update since joining the Alternative Investment Market in a £200 million flotation, the “fast-fashion” company said sales rose to £56.1m in the six months to 30 September.

The firm has recently opened its first standalone stores outside the UK with three units in Madrid, and last month launched a dedicated Spanish website.

It now also plans to launch a US website on the back of significant momentum in its online business which saw revenues increasing by 204 per cent to £13.8m. Quiz said the growth in online sales reflected the opening of a new 180,000 sq ft distribution centre in Glasgow in summer 2016 and increased marketing spend.

The company, which began with just one shop on Victoria Road in Glasgow in 1994, has recently recruited Scott Cottingham, a key member of the team at footwear retailer Office which Sir Tom Hunter used to own, as head of IT as it looks to strengthen its digital offering.

Chief executive Tarak Ramzan, who founded the company, said Quiz was seeing strong growth across its target markets and channels with online in particular experiencing “continued outstanding momentum”.

He said: “Our IPO in July 2017 was a hugely important milestone for the company as we continue to build the brand as a global fast-fashion destination for customers who want the latest looks at outstanding value.

“The Quiz brand has a distinct USP, a strong customer connection and fast-fashion in its DNA. Our customer base is growing strongly and we are confident of delivering further growth.”

Sales in the group’s UK standalone stores and concessions increased by 15 per cent to £32.3m in the period and it is planning five new standalone stores before Christmas. It also opened four new concessions in the UK and expanded its international franchise operations from 65 units to 76 units, including new sites in Dubai, Morocco and UAE.

House broker Panmure Gordon said the online growth was well ahead of its full-year forecasts.

“Our high degree of confidence in longer-term forecasts is underpinned, in turn, by the many attributes of a high quality business that Quiz possesses,” it said.

Shares in Quiz were priced at 161p each ahead of its flotation which raised £102.7m and valued the company at about £200m. The shares rose to a sizeable premium when they made their debut and stood at more than 200p at one point although they have since given up some of those gains.

Some £92.1m of the proceeds from the float went to the selling shareholders, with the remaining £10.6m used to accelerate growth.