Moss Bros to open new shops as men’s formalwear brand bounces back from the pandemic in style
Men’s formalwear brand Moss Bros plans to open new shops after earnings rebounded amid the company’s continued pandemic recovery.
The firm, acquired by Crew Clothing owner Brigadier for £22million in 2020, was hit hard by declining demand for suits and smart shirts, and posted a turnover of £93.1million for the year to January, compared with a turnover of £128.3million over the same period two years earlier.
The retailer opened a store in store in Woking last month and hopes to open another ten in the next year.
Covid recovery: Moss Bros opened a store in store in Woking last month and hopes to open another ten in the next year
However, it said that its earnings before tax have more than tripled against pre-Covid levels to £17million for the past year.
It has seen ‘encouraging results’ through selling its products on Next and John Lewis’ online platforms.
Brian Brick, chief executive officer, said: ‘Over the course of the last two years we have seen consumer behavioural changes like never before.
‘I was never in doubt that people would welcome the opportunity to dress up again with the opening of events, as well as weddings.’