T.M. Lewin surpases £100 million sales thanks to Asia

The privately owned shirt maker, which was founded over a century ago in Londoner Jermyn Street, has reported that its international expansion into the Asia-Pacific region had driven full-year sales past the £100m-mark for

the first time.
 
 “It’s been an exciting time at T.M. Lewin.  Despite some very real challenges in the UK, we broke the £100 million sales level for the first time in our history and our successful store expansion programme has taken our portfolio worldwide to 107,” Geoff Quinn, Chief Executive, commented quite positively.
 
“If the past was frenetic, the future will be even more so.  We have finalized a three-pronged strategy for our medium-term development: maintain and build on our outstanding leading market position in the UK; build our international business over the next four years with sales equivalent to the UK’s today; and, build out a fully integrated multi-channel sales platform to ensure we optimize the opportunities across all our markets. “We’ve made an excellent start to the current financial year with sales in the first half up 9% in a very challenging market. We have an outstanding team driving a growth strategy which, together, will enable us to realize our ambition of establishing the brand worldwide, ” he added soon after releasing the company’s figures.
 
T.M. Lewin recently expanded into Malaysia and Australia following its successful launch in Singapore in 2009, and now earns 13 per cent of its income from outside the UK. The shirt maker also has set a foot on Australia, and has also signed a deal to enter the Czech Republic. Five new local country-specific websites are also poised for launch, TM Lewin said in a communication. Its expansion plans would see overseas sales increase from £13m to £88m in just five years. In the same vein, the company, established in 1898, said overseas sales increased 26 per cent in the first half of its financial year, compared to 7 per cent in the UK, as it benefited from strong demand from its Asian outlets.  
 
Sales break £100 million level for first time, which is up 20% on prior year. Sales split 87% UK and 13% International 16 new stores and 4 new Concessions opened in the UK. They offered sustained and strong balance sheet with net cash position of £3.8 million.
 
Their strategy for growth will be focused on international and multi-channel sales expansion plus maintenance of leading UK market share position, with a leading ambition for international sales to equal current UK level by 2016.
 
Finally, in the corporate chapter, they announced three key appointments: Mark Dunhill, as International Director (joined in January 2011); Andy McQuin, Marketing Director (joined in September 2011); and Matt Hudson, Merchandise & Buying Director, who will arrive in February 2012.