E-retailer Missguided sees business boom due to international sales

Missguided reports double like-for-like sales up to

60 million pounds for the year to March 31, mostly driven by strong international sales.

According to the latest results, international sales add up to 15 percent of their total sales, a number that predicted to double by the year 2014. The e-retailer also reported an increase of 102.2 percent in UK sales, which were back by unexpected sales in their new overseas market. Missguided recently launched websites for the US and Australia in February and June this year and hopes to set up sites in France, Germany and Sweden before the end of the year. Nitin Passi, the founder of Missguided, told Drapers that the company is currently concentrating on establishing their presence in Australia, while searching opportunities to spread to China. He shares that they are “looking into setting up meetings with potential partners in China to capitalize on the huge consumer population there, but Australia is a priority at the moment. Compared with the UK, the high street offer isn’t particularly strong in Australia and we are more competitive than other retailers, even with delivery charges.”

Further expansion into the international market is expected to push Missguided foreign sales growth between 60 and 70 percent over the next five years.