After announcing an increase in pre-tax profits from £10.6 million to £13.4 million in 2002, Merchant Retail is examining the potential market for the Perfume Shop in Ireland, Australia and Europe. The success of the Perfume Shop has gone someway to compensate for a slower rate of growth from Merchant’s department store portfolio.
11 new Perfume Shops were opened in 2002, a factor that has contributed to the company capturing a UK market share of perfume sales of 14%. The Merchant unit is already set to open new UK outlets in Birmingham, Bootle and Livingston.
On the back of Perfume Shop profits Merchant has launched an experimental cosmetics sister store focusing on skincare, color and make up. This particular shop is on trial at the group’s Jersey-based de Gruchy department store before the idea is expanded upon.
All that we had thought and hoped in this product category is being confirmed, and we believe a significant opportunity may exist for a sister company to the Perfume Shop, provided we take the time to develop and test our ideas thoroughly, Merchant CEO, Philip Newton, said to Ananova News.
