*Updated 28th July
Quiz, the fast-fashion retailer, floated with an IPO on London’s Alternative Investment Market (AIM) on July 28th 2017. The retailer, valued at an estimated £200m, has stated that the purpose of the raise is to fuel further growth and to allow shareholders to realise some of the capital they have invested.
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The company was admitted to AIM on Friday 28th July and expected to raise £102.7m from the float. Live share prices can be found here. Upon admission, Quiz would boast a market capitalisation of £200m.
Founded in Glasgow in 1993, Quiz now boasts 73 standalone stores in the UK and Republic of Ireland and plans to add more. The retailer recently released figures for the first two months of this financial year, which showed a 37% year-on-year increase in sales.
The raise would allow Quiz to join rivals Asos (ASC) and Boohoo (BOO) on London’s Junior Market, both of which have seen share prices rise in recent months, with Boohoo in particular receiving a huge boost after having revealed a 106% increase in quarterly sales. Additionally, female first fashion retailers like these have seen sales boom both online and in stores.
Chief executive Tarak Razman said of the company:
The group’s fast, flexible supply chain together with the winning formula of style, quality, value and speed-to-market has enabled Quiz to grow rapidly into an established international fashion brand with over 300 standalone stores, concessions, franchise stores, wholesale partners and international online partners in 19 countries.
The group has recently opened an interactive store in Westfield Stratford and has stated its intention to open a further 20 stores in the UK in the next two years. Once the admitted to AIM, Quiz will bring in Peter Cowgill, chairman of JD Sports, as independent non-executive chairman as well as appointing Charlotte O’Sullivan as independent non-executive director. This is a welcome boost to the management team at a crucial time for the company.
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