Trendy stationery retailer Smiggle says it will open two more stores in Hong Kong in the next six months.
Smiggle, owned by Australian-listed multi-brand retail group Premier Investments, also plans its first store in Malaysia before July 31 and expects to build a network of 50 stores across Hong Kong and Malaysia during the next five years.
The chain already has 42 stores trading in the UK, plans 18 more over the next six months, and targets 100 there by Christmas.
The Smiggle plans were revealed in the parent company’s half year result to January 30, The company, which also owns the Peter Alexander nightwear, Dotti, Jay Jays, Just Jeans, Portmans and Jacqui-E retail chains, predominantly trades in Australia and New Zealand. But Smiggle is a standout.
Premier’s chairman, Solomon Lew, says Smiggle will remain and strong growth driver for the group.
“Smiggle delivered global sales growth of 46.5 per cent and our UK roll-out is progressing well ahead of schedule. We continue to believe that Smiggle has the potential to become a truly global brand.”
The company reported a net profit of AU$98.3 million (HK$583.625 million) for the half ended 30 January 2016, up 24.9 per cent year-on-year, before tax and interest.
Total sales were up 15.1 per cent to AU$565 million, while like-for-like sales were up 6.9 per cent.