Aspinal of London is embarking on an exciting journey towards global expansion, with a strategic focus on key markets such as China, the Middle East, and the US. The renowned British luxury brand has partnered with Houlihan Lokey, a top international investment bank, to explore financing options that will drive its growth and establish itself as a global accessories brand.
Following the successful openings of flagship stores in London and Dubai in 2018, Aspinal of London is gearing up to launch additional key locations in China, the Middle East, and the US. Over the next five to seven years, the brand also plans to tap into new online markets to further enhance its reach. To support this ambitious growth trajectory, the company has made significant investments in upgrading its warehouse facilities and implementing a new Enterprise Resource Planning (ERP) system.
In London, Aspinal’s 3,500 sq ft flagship store in St James has seen a remarkable uptick in sales, with a 20% increase in sales over the last six months leading up to September. The strategic location of the store has attracted a burgeoning international clientele, resulting in a substantial boost in sales. Other UK stores of the brand are also experiencing positive performance, with flagship locations like Westfield, Regent Street, and Royal Exchange reporting impressive sales growth.
Having established a strong presence in the UK and gaining recognition globally, Aspinal of London is making significant strides in expanding its footprint through recent store openings and successful launches in various markets. The temporary store in Galeries Lafayette, Paris, outperformed expectations when compared to other major European and US brands. Additionally, the brand’s US debut with Barneys New York showcased a robust 70% sell-through rate in the first four weeks of trading.
While the US remains a core focus for Aspinal, with online revenues climbing by 10% and a 50% surge in US customer footfall in London, the brand is also making significant headway in China. In November, Aspinal will inaugurate its first store in China at the entrance to Galeries Lafayette in the new “L+Mall” in Shanghai, further boosting its presence in the lucrative Chinese online market.
Looking ahead, Aspinal is eyeing the opening of up to ten new stores in the Middle East over the next two years, building on the success of its flagship store in Dubai Mall that opened in 2018. The brand intends to expand its reach by leveraging online marketplaces such as Farfetch to connect with new customers globally, complementing its existing ecommerce store that currently contributes 45% of total sales.
With ambitious growth plans in motion, Aspinal’s decision to seek out a financial partner seems well-founded. Despite a rise in global sales, the expenses associated with expansion led to pre-tax losses of £3.2 million for the company in the fiscal year ending March 2018. Nevertheless, Aspinal’s unwavering commitment to global expansion and its dedication to delivering luxury accessories to a diverse worldwide audience highlight its resolve to thrive in the competitive fashion landscape.
To learn more about Aspinal of London’s global expansion plans, visit their official website here. Additionally, for insights into the latest trends in luxury fashion and accessories, check out this informative article here.
