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Jigsaw crosses 100 million pounds sales target

By Prachi Singh

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After Peter Ruis joined iconic label Jigsaw as its Chief Executive Officer, the company had set a target of achieving 100 million pounds (150.6 million dollars) in sales this year and 120 million pounds (180.7 million dollars) or 130 million pounds (195.8 million dollars) in the next two or three years. Achieving its goal, the company managed to report sales beyond 100 million pounds (over 150.6 million dollars) this year, on the back of growing demand for its slim-cut wool coats and jackets.

The company currently operating 70 stores, is also said to be exploring sites in Europe and a tie up in the US to spread its retail presence. Sales grew to 104.9 million pounds (158 million dollars) during the year under review ending October 2015 and like-for-like sales increased 12.3 percent. Underlying earnings soared to 5.4 million pounds.

The company also decided against following a discounting policy ahead of Black Friday. Announcing the decision, the company in its 'Black Friday Manifesto' on its website said, "This approach allows us to give our products a true value. When we price a jacket, you can be confident that it will remain at that price all season...Unsurprisingly, we won’t be taking part in Black Friday. Our products are reduced by nothing because they stand for something. We do have black in our collection; that’s as far as we will go."

Jigsaw