Mountain Warehouse plans China launch with Alibaba in time for Singles DayComments Off on Mountain Warehouse plans China launch with Alibaba in time for Singles Day
Outdoor clothing and equipment retailer Mountain Warehouse is to launch in China in time for Singles Day – the anti-Valentine’s celebration which is the country’s biggest online shopping day.
The privately-owned retailer is to sell direct to Chinese consumers through T-Mall, the online platform owned by ecommerce giant owned by Alibaba. Singles Day takes place on November 11.
Mountain Warehouse today posted a 24.7% increase in first-half sales to £59.3 million as pre-tax profits rose 31% to £4.3 million.
The retailer’s founder and chief executive Mark Neale said: “We have been sourcing products from China for over 10 years but this is a huge opportunity for us and demonstrates out flexible approach to international expansion.”
Investec analyst Kate Calvert said: “Another impressive set of results with the UK firing on all cylinders both in-store and online.
“Launch in China on T-mall seen as a low cost way to get the brand out there and an interesting way to see its international appeal.”
Mountain Warehouse – which is at the value end of the market – has more than 200 stores in the UK, as well as shops in Poland, Austria, Germany and the Netherlands.
Neale led a management buyout of the firm for £85 million from minority shareholder Lloyds Banking Group’s private-equity arm in 2013.
Neale said trading in the summer had been helped by the wet August while cycling and running ranges had performed strongly.