- Prachi Singh |
Jack Wills has managed to bounce back as the company posted an operating profit of 730,000 pounds (954,916 dollars) in the year to January 2017 against a loss of 13.8 million pounds (18.05 million dollars) reported last year, reports City A.M. The report added that the company’s sales increased 4 percent to 142.4million pounds (186.2 million dollars) during the year under review compared to 137.4million pounds (179 million dollars) last year.
The report added that Jack Wills was suffering when it started outsourcing from a warehouse in Greenford, West London, that caused problems during the vital Christmas period and led to heavy losses. Later in 2015, Co-Founder Peter Williams returned to the company to manage the affairs and he joined hands with private equity firm BlueGem Capital Partners, to buyout the clothing company in October last year.
As a part of its efficiency building initiate, Jack Wills has been planning rapid retail expansion and opened its debut store in Germany, last May. The company also raised 10 million pounds (13 million dollars) to carry out its international expansion plans, when HSBC increased its credit facility to 30million pounds (39 million dollars), states the City A.M. report.
This is Money adds that Jack Wills now operates 86 stores, including 71 in the UK, seven in the US, five in Hong Kong, two in Singapore and one in Macau and aims to open doors to 10 more outlets this year including the one opened in Germany.
Picture:Jack Wills website