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Published
May 8, 2023
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Moss Bros Group sales and profits jump as Moss rebranding pays off

Published
May 8, 2023

Moss Bros Group — now known to the consumer as Moss — has reported another strong year for the 12 months to January as it made the most of weddings and events, rebranded itself with the shorter name, opened stores, debuted on more marketplaces, revamped its webstore, and widened its product offer.


Moss



That latter point saw it extending into the casualwear market from its traditional formal offer and it said this is now a “significant component of revenue”.

The company saw turnover rising 63% from £93.1 million to £151.6 million. And that was also higher than the £128.3 million in the year to January 2020.

Profit on an EBITDA basis rose to £36 million from £17 million a year ago and was up from £5.2 million in the 2019/20 pre-pandemic year.

Moss bros Group opened five new Moss stores and three store re-sites during the period and it has up to a further 10 in the pipeline, creating around 80 jobs.

It was clearly a big year of change for the firm but the transformation of the business is actually something that started pre-Covid. However, the pandemic meant a stronger need to evolve and the company said that “lockdowns and the lifting of restrictions provided an opportunity for us to refocus and meet the changing needs of today’s menswear customer – a strategy that has clearly paid dividends”.

It added that pivoting to the Moss brand “serves the needs of our existing base, while at the same time enticing new customers who hadn’t considered us in the past”.

Post-lockdowns, its research had shown that “consumers were looking for more versatility when it came to their wardrobe. This represented a mixing of formalwear and casual stylish solutions”.  

The change has extended to redesigning its webstore that is says is now “cleaner, easier to shop and presents our product in a more editorial and aspirational way, which in turn is designed to broaden our appeal”.


Moss



New and added-value services including ‘suit builder’ on custom-made tailoring, a swatch service for shoppers, and an online stores appointment booking option to “further reflect the way that today’s consumers want to shop with us”.

But despite the online investment, the company emphasised that it remains “committed to the high street and the role that our stores and style advisors play in delivering the best brand experience for our audience”. 

CEO Brian Brick said of the latest results: “I was never in doubt that people would welcome the opportunity to dress up again especially with the inevitable pent-up demand from the weddings, races, proms and black tie dinners that we have seen throughout the last year or so. 

“Our omnichannel approach ensures a continued focus on stores backed with a strong online offering. This has been enhanced with the opening of new stores and our expansion onto online digital marketplaces. 

“We have completely reimagined the product offering. We’ve also pivoted from a formal hire business that sold tailoring to a menswear fashion brand that sells suiting, complemented by smart casualwear, while offering a rental service.

“As I said last year, we have seen consumer behaviours continue to change. The key to our success has been the ability to remain agile and meet the evolving wants and needs of our menswear audience.  This approach remains the central pillar to our growth and for what Moss stands for both now and in the future.”

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