Quiz "highly confident" that demand will return despite 73% fall in revenue

A UK fashion brand has reported a 73 per cent drop in revenue over the last six months due to the impact of national lockdowns.

Quiz, which has more than 100 stores across the globe, saw revenues decline from £63.3m in 2019 to £17.2m in 2020.

It said that the drop was largely due to a sharp decrease in demand for occasion wear, which had a “materially detrimental impact”.

This comes after the company’s restructure last June, which saw the closure of 15 of its UK stores, affecting nearly 100 jobs.

Tarak Ramzan, founder and CEO of Quiz, commented: “As with other omni-channel retailers, Quiz has faced significant challenges as a result of the Covid-19 pandemic.

“We have taken a number of actions to protect our customers and people, preserve liquidity, and restructure the size and cost base of our store estate to adjust to the new normal of retail.

“Whilst we continue to rebalance our product offering towards more casual clothing reflecting near term customer demand, given our focus on occasion wear, demand for our products has been impacted significantly by the pandemic.

“However, we remain confident in the strength of our brand and are highly confident that demand for the brand’s trademark occasion wear will recover when restrictions on social events are eased.

“The period covered by this statement was particularly challenging for the group and its stakeholders and I would like to take this opportunity to reiterate my thanks to our colleagues and partners for their commitment, support and flexibility.

“We are confident that the actions taken to preserve liquidity and reduce our cost base mean that the group can return to profitable growth as market conditions improve.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →