LPP will open new stores in Italy, Greece and Cyprus

LPP will enter 3 new markets next year - it will open its own Sinsay stores in Italy and Greece and Reserved franchise stores in Cyprus, the company said. This year, the company plans to open over 500 new stores with a total retail space of 500,000 sq m. m2.

“After the difficult period of the pandemic, we faced further challenges related to the loss of a significant part of the sales network. Despite this, the company's situation remains stable, and the expected revenues for the current financial year at the level of over PLN 16 billion allow us to think with confidence about the future of LPP. On the other hand, due to the impossibility of predicting the future situation in war-ridden Ukraine, we decided to focus on development in the European Union countries where we are already present with our offer. At the same time, we want to debut on new markets, especially in the Southern Europe region, where we see growth potential for our brands. In our opinion, these specific decisions and ambitious plans for further foreign expansion will allow us to maintain the stable condition of the group, regardless of the situation on the eastern markets, ”said LPP vice president Przemysław Lutkiewicz, quoted in the press release.

LPP's sales plans for 2022 (excluding the Ukrainian and Russian markets) indicate the possibility of achieving over PLN 16 billion in sales, i.e. an increase by 13% y / y.

At the end of March, LPP completed the operational activities necessary to close its showrooms in Russia. Due to Russia's aggression towards Ukraine, the company also suspended its activities for an indefinite period.

LPP manages the fashion brands Reserved, Cropp, House, Mohito and Sinsay. The company has been listed on the Warsaw Stock Exchange since 2001.

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