British retailer Cath Kidston is shifting the focus of its expansion to overseas markets, particularly in Asia.
Cath Kidston, whose offer ranges from fashion to homewares, plans to open up to 40 new stores annually around the world, with focus in Asian countries including China, Malaysia, Taiwan, Japan and Korea.
CEO Kenny Wilson says China offers a bright prospect for the brand as Chinese love for anything British rises. He says Cath Kidston could have “lots of stores” in the world’s second largest economy within 10 years from four currently.
The brand also plans to expand into new countries including Philippines.
The overseas expansion plan is part of its strategy to make overseas sales surpass that in the UK.
“We’re about a year away from making more money outside the UK,” says Wilson.
Domestically, where it currently has 66 stores, it will open only five new stores this year as it does not want to saturate the market.
Its bullish outlook comes after its sales in the year to March 30 grew 10 per cent to £116 million ($199 million). It recently marked a milestone by opening its 100th overseas store in Seoul, South Korea.
