Womenswear retailer Quiz has secured a major financial renewal amidst turbulent times.
- Quiz has renewed its £4m bank facility until June 2025, reflecting adaptive financial strategies.
- Revenues have dropped 11% as anticipated, due to the ongoing cost-of-living challenges.
- International demand for Quiz products is growing, counterbalancing domestic challenges slightly.
- The retailer is revamping its brand image to appeal to aspirational markets.
Womenswear retailer Quiz has successfully renewed its £4 million bank facility, extending the term until June 2025 despite operating in a challenging trading environment. This move comes as the company faces an 11% decline in revenues from April to May 2024 compared to the previous year. This drop aligns with expectations, primarily affected by the cost-of-living pressures impacting UK consumers.
The company reported net borrowings of £1.6 million and total liquidity headroom of £2.4 million as of June 26, 2024. Despite domestic challenges, Quiz is witnessing a positive trend in international markets, where demand for its products has risen by 12%. Meanwhile, sales in physical stores remain stable, indicating that the retail location aspect of the business is performing relatively well.
However, the online segment in the UK has suffered significantly due to the challenging market situation, reflecting reduced consumer spending. In response, Quiz has adopted several strategic measures, including expanding its presence on Debenhams.com and introducing same-day click-and-collect services.
In an effort to bolster its market position, the company has updated its brand identity to project a more aspirational image. This involves enhanced marketing activities and a restructured buying and merchandising division, underscored by the appointment of a new head of merchandising.
Quiz has also made strides in its physical retail strategy by opening a 2,500 square foot flagship store in Manchester’s Trafford Centre, designed to offer a premium, boutique shopping experience.
Quiz navigates the challenging landscape with strategic financial and branding maneuvers.
