Moss Bros Group, now known as Moss, has reported a highly successful year marked by increased sales and profits, all thanks to its strategic rebranding efforts. The company recognized the rising demand for weddings and events and capitalized on this by expanding its presence both in physical stores and online marketplaces. Moss Bros also refreshed its webstore and diversified its product range to include casualwear, meeting the growing need for versatile wardrobe options.
The company saw a significant rise in turnover, surpassing the previous year’s figures. Moss Bros reported a turnover of £151.6 million, up from £93.1 million. Profit on an EBITDA basis also showed remarkable growth, reaching £36 million, compared to £17 million the previous year and £5.2 million in 2019/20, before the pandemic hit.
Throughout the year, Moss Bros Group opened five new stores and relocated three, with plans to open an additional 10 stores in the future. These expansion efforts have resulted in the creation of approximately 80 new jobs. Moss Bros had already initiated its business transformation prior to the Covid-19 pandemic, but the global health crisis accelerated the need for change. The lockdowns and subsequent easing of restrictions provided Moss Bros with an opportunity to refocus its efforts and cater to the evolving needs of its male customer base.
The rebranding to Moss not only served the existing customer base but also attracted new customers who were previously unfamiliar with the brand. After conducting research in the post-lockdown period, Moss Bros discovered that consumers were seeking more wardrobe versatility, desiring a blend of formal and casual stylish solutions. In response, the company redesigned its webstore to offer a cleaner and more editorial shopping experience. It also introduced new services such as a ‘suit builder’ for custom-made tailoring, a swatch service, and online appointment booking options. These additional features align with the preferences of today’s consumers and provide a comprehensive shopping experience.
Despite the focus on digital investment, Moss Bros remains committed to its physical stores and recognizes the vital role of its style advisors in delivering an exceptional brand experience. CEO Brian Brick expressed confidence in the company’s results and acknowledged the pent-up demand for dressing up, particularly for events such as weddings, races, proms, and black-tie dinners. Moss Bros’ omnichannel approach, combining physical stores with a strong online presence, has been further strengthened by its expansion into online marketplaces.
The company’s success can also be attributed to its strategic shift from a formal hire business to a menswear fashion brand that offers both suiting and smart casualwear, along with a rental service. By adapting to evolving consumer behaviors, Moss Bros has demonstrated its agility and responsiveness to the changing preferences and needs of its audience. The company firmly believes that this approach is crucial for future growth. Moss Bros is confident that its reimagined product offering, combined with its commitment to delivering exceptional brand experiences, will continue to define its success in the years to come.
For more information on Moss Bros and its rebranding efforts, visit their official website. Additionally, to learn more about the latest menswear fashion trends and style tips, check out FashionBeans.
