News

28th November 2011

TM Lewin plans global expansion

Despite reporting a drop in sales figures, TM Lewin says it will plough ahead with expansion plans

The businesswear retailer posted disappointing sales results for the six months to August 27 when compared with the same period the previous year.

Profits rose by 7% for the period in 2011 but this was down on the 21% recorded in 2010.

The majority of high street retailers are feeling the pinch as consumers reign in their spending, but TM Lewin plans to offset the pressure felt in the UK by expanding abroad.

By 2016 it hopes that its overseas business, which accounted for 13% of sales last year, will match its UK business, with sales rising from £13 million to £88 million.

TM Lewin says that in the first half of its financial year the rise in overseas sales outstripped UK sales by 26% to 7%, pointing to the growth potential abroad.

The firm, which recently opened its 100th UK store, is looking at boosting its profile in the likes of emerging markets such as Asia and Australia by opening a new outlet in Sydney.

Already it has seen the benefit of having stores in Malaysia and Singapore and offering online shopping for customers in the US and Australia.

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