Monsoon Accessorize planning 141 store closures

By

Barbara Santamaria

Published
Aug 19, 2016

UK retailer Monsoon Accessorize is planning to close up to 141 joint stores over the next five years as part of a restructuring programme led by new chief executive, Paul Allen.

According to The Guardian, the retailer has decided to close shops that have both brands Monsoon and Accessorize under one roof as they target different age groups. While Monsoon is mostly known for its elegant dresses and occasion pieces, Accessorize offers jewellery and accessories for a younger audience.

The move could lead to hundreds of redundancies, but the company has said it plans to open separate Monsoon and Accessorize shops in the areas where joint outlets are now located.

Monsoon Accessorize has over 5,500 employees across the UK and more than 300 stores.

The restructuring exercise has been brought forward by Paul Allen, who joined the company in 2013 as finance director and was confirmed as CEO on a permanent basis in January this year.

The retailer’s latest accounts revealed a 9% fall in sales to £465m in the year to August 2015 and plans to launch a ‘far-reaching strategic reorganisation programme’, which will include refocusing the way the group’s brands are operated in the UK with different strategies to address their distinct core customer propositions.

Monsoon Accessorize is owned by tycoon Peter Simon, who established the business in the 1970s.