Footasylum confirms intention to float on AIM

Premium fashion and sports footwear retailer Footasylum has confirmed its intention to float on AIM, a market of the London Stock Exchange, following reports last week about the brand’s plans.

Footasylum said the capital raised from the placing, which is expected to commence in November, will be used to drive growth in its multi-channel strategy. Currently, its 60-strong store estate across the UK, accounts for around 71 percent of its revenue, compared to just 29 percent from its e-commerce.

The footwear retailer states that it sees “significant growth potential through focused investment in the Company's integrated multi-channel strategy”, which will be aided through investment over the next three years in the brand’s digital presence as part of a broader upgrade of its IT systems.

Footasylum is also looking to boosts its store portfolio with plans to grow its estate to at least 150 stores, with the retailer targeting 8 to 10 new store openings per year in the medium term.

The retailer also added that it has recently launched a wholesale arm for distributing its own brand ranges via a network of partners to extend its reach.

Clare Nesbitt, chief executive officer of Footasylum, said: "We are thrilled to be announcing our intention to list on AIM. This is a logical next step in Footasylum's upward trajectory as we seek to build on our exciting product-led, multi-channel expansion strategy.

“We pride ourselves on being a dynamic, adaptive and fast-moving business with a strong competitive position, a great stable of third party and own brands, and a disciplined approach to delivering sustainable growth. We see substantial opportunities ahead across our retail, online and wholesales channels, and believe that we have the people, products and strategy to realise them."

Footasylum to float on AIM in November

Footasylum also announced that Barry Bown is to join its board as executive chairman next June, when John Wardle will retire from the role. Bown has over 30 years' retail experience, most of which was gained at JD Sports, which he joined in 1984 and where he served as Chief Executive from 2000 to 2014.

The company said: “The directors believe that Barry's extensive experience of building a retail business in the public domain and his excellent high-level relationships with many major brands will enable him to make a valuable contribution to the company's leadership team.”

Footasylum retails “on-trend” product ranges aimed at fashion-conscious 16 to 24-year-olds. Footwear is the retailer’s largest category by sales, accounting for 58 percent, however, the apparel and accessory categories are “growing strongly” said the retailer, both in absolute terms and as a proportion of overall revenue.

Alongside its own branded products, Kings Will Dream, Glorious Gangsta, Condemned Nation, and Alessandro Zavetti, it sells a selection of third-party brands including Adidas, Nike, The North Face, Gym King, Converse, New Balance, Emporio Armani 7, Vans, Nicce London, Siksilk, Under Armour, and Calvin Klein.

Image: Footasylum website