Footasylum opens first store under new ownership, reveals expansion plans

Footwear and sportswear retailer Footasylum has opened a new store in Cheshunt, Hertfordshire, simultaneous to its announcement of retail expansion plans for 2023.

It marks the first new store opened by the brand since April 2021, and the first under its new ownership of Aurelius Group, which acquired the company in August 2022.

The 6,000 square foot space brings Footasylum’s store network to 60 locations.

It further announced that it had a “strong pipeline” of new openings set for 2023, and is currently “seeing strong demand both in its stores and online” ahead of Christmas.

Commenting on the news, Barry Bown, executive chairman and CEO of Footasylum, said in a release: “We’re delighted to be opening our 60th store at a fantastic site in Cheshunt near the A10 corridor into London.

“This is our first new opening since April 2021, and should be taken as a clear sign of how strongly the business is trading due to the ongoing demand for our brands.

“As we look ahead to 2023, we have exciting plans for further expansion and are confident that we can continue to grow at pace despite the current macroeconomic uncertainty.”

The news comes after Footasylum reported a revenue growth of 21 percent for the year ended January 29, 2022, to 281 million pounds.

According to the company, physical stores accounted for 51 percent of its revenue, with online representing 46 percent and wholesale for three percent.