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I'd welcome comments on the following text. I'd say it is a lot more detailed, up-to-date and balanced than the current page ( Monsoon Accessorize ).

User EdwardX has asked if I have a conflict of interest - I don't, as far as I understand your rule sbaout it. He's also suggested I request help via a tag that says I do have a conflict of interest, so I'm not sure what I can do about that, except use his tag in good faith and assume it to be the one I am supposed to use.

Monsoon Accessorize

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Monsoon Accessorize Ltd.
Company typePrivate limited company
IndustryRetailing
FoundedKnightsbridge, 1973
FounderPeter Simon
Headquarters
Notting Hill, London
,
United Kingdom
Area served
Global
Key people
Paul Allen CEO Peter Simon Executive Chairman
ProductsClothing, fashion accessories, homeware
RevenueIncrease£424m (2017)[1]
OwnerSimon family trusts
DivisionsMonsoon Accessorize
Websitewww.monsoon.co.uk

www.accessorize.com

www.monsoontrust.org

Monsoon Accessorize' is a fashion retailer operating under the separate brands of Monsoon and Accessorize.[2] In 2019 the company operated 278 stores in the UK.[3]

The company takes its name from its founder Peter Simon, who was born in Sri Lanka during a monsoon.[4] The Monsoon brand first came to prominence in the 1970s and is known for ethnic-inspired clothing. Accessorize launched in 1984, selling fashion accessories.

The firm is a founder member of the Ethical Trading Initiative. The firm donates a portion of profits to the Monsoon Trust, a registered charity set up by Simon; the Trust supports underprivileged women and children who work in Monsoon's Asian supply chain.

History

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1973-1997

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Monsoon was founded in London in 1973, after founder Peter Simon returned to the UK from the 1970s hippie trail. His trips included an overland drive from London to Rajasthan, Turkey, Iran and Afghanistan. On this trip Simon noted the style of clothing worn by locals, such as block-printed textiles, kaftans and raj-style clothing. Simon began importing these items to London, capitalising on the 1970s fashion for ethnic clothing.[5] At first he sold from Portobello Market before expanding to supply high-street retailers.

The first Monsoon shop opened in Beauchamp Place in May 1973.[6] In the mid-70s the business shifted from imports to production, beginning with Indian-style clothes in handblock prints. The first Accessorize shop opened in 1984, next door to Monsoon in Covent Garden. A second Accessorize store opened two years later on Carnaby Street.

In 1994 Simon founded the Monsoon Accessorize Trust, a registered charity for under-privileged women and children in Asia.[7]

1998-2007

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The company listed on the Stock Exchange in 1998 valued at £352m. Simon made £85 million from the float. He kept 74.6% of shares in private ownership, stating that the flotation was to motivate staff with share-based rewards, rather than raise debt.[8] By this time the group operated 282 shops in the UK and 28 overseas.[9] Alongside ethnic clothing, the company also began selling children's wear, as well as fashion for 30+ adults. Profits dropped in 1999, but by the early 2000s trading improved; over the next five years the group would largely beat City forecasts.[10]

In 2000 Monsoon opened stores in the United States and Saudi Arabia, while Accessorize expanded into Turkey, South Africa and Japan. Pre-tax profits rose 13% to £23m.[11] In 2003 the shares fell after a profits warning, prompting Simon to criticise City analysts and the reporting requirements of public companies.[12] That year pre-tax profits grew 9% to £17.7m, from 277 stores in the UK and 90 overseas.[13][14]

In November 2003, two Simon family investment vehicles moved to de-list the company from the FTSE and re-list on AIM, increasing Simon’s control over the business but with fewer reporting requirements. The structure of the deal was approved by the Takeover Panel but was criticised by some minority shareholders, who wanted Simon to pay them a premium for increasing his shareholding.

Further expansion followed in the two years after listing on AIM, including the purchase of 47 Etam stores. From 2005 turnover increased to £363.7m and pre-tax profits grew 20% to £53.1m.[15]

In 2006 the international arm of the business outperformed the UK business for the first time, driving an increase in turnover by 33% to £485m; meanwhile the UK business required debt funding for the first time in its history, owing to difficulties in assimilating the 47 Etam stores. By the end of 2006 the firm operated 402 stores in the UK and Ireland, and 400 international stores.[16][17]

After describing Monsoon's public listing as his “...biggest mistake”, in 2007 Simon paid £185 million for the shares needed to take the business off AIM and once more into fully-private ownership. His 424p per share offer was a 4% premium to the previous closing price. The deal bought out the 11% stake held by US hedge fund Polygon.[18] At the time of going private, the firm operated 858 stores, including 453 outside the UK.[19][20][20][21][22][14]

In 2007 Monsoon received a Queen's Award for International Trade.[23]

2008-present

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In 2008 turnover increased by 5.3% to £710m, while operating profits grew 12% to £68m. The company opened 109 international stores and launched in six new countries, while trading in UK stores was flat. In 2010, the company announced an eight-fold increase in profits attributed to a rise in international trading, with 575 international stores in 50 markets, including China and Hong Kong.[24][25]

In the year to August 2010 pre-tax profits tripled to £98.2m, from £27.9m in 2009, mostly from sales growth in international operations.[26]

In 2012 Simon settled a £200m loan taken out to pay for 2007’s privatisation.[27] In the financial year ending August 2012 the company posted an operating loss of £4m, compared to an operating profit of £60.1m in 2011; group sales also fell to £529 million.[28] From early 2013 to February 2015, John Browett, former head of retail at Apple, was chief executive of the company before being succeeded by Paul Allen.[29][30]

In February 2013 the Forum of Private Business criticised Monsoon for requiring all new suppliers to give a blanket rebate of up to 4% on all invoices as well as a further charge of up to 10% for early payment.[31][32] The company returned to profitability in the following year: to August 2013 sales rose 4.3% to £552m and pre-tax profits rose to £18.1m.[33][34][29] In the year to August 2014 group sales fell almost 8% to £509 million, with pre-tax profits at £50m; the company announced that stores would be closed.[35]

In October 2015 Monsoon was fined £28,000 for failing to correctly calculate a deduction made from staff wages in respect of their clothing allowance, such that those staff were mistakenly paid less than the national minimum wage.[36][37]

In 2016 the company reported net cash of £50m and no debt.[38] The year to August 2017 saw a rise in online turnover but a reduction in footfall in UK stores, with sales of £424m and pre-tax losses of £10.4m; Ebitda rose 18% to £23.9 million.[1]

Operations

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Monsoon is a London-registered private limited company.

Under Allen the firm has closed 141 stores from 2016 onwards and withdrew from some international markets, including Singapore, South Korea and Venezuela.[39]

In May 2019 Monsoon entered talks with its landlords for a company voluntary arrangement (CVA) designed to lower rents on its store estate, in return for Simon injecting £34m into the company.[40]

Allen has reinstated separate fasciae for the Monsoon and Accessorize brands, reversing Browett's strategy of combining the two into a single store.[39] The firm is also adding more kiosk-style outlets and concessions within department stores.[41][38]

Monsoon has sued rival retailers, including Primark, for copyright infringement on its designs.[42]

Monsoon Accessorize Trust

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In 1994 Simon set up the Monsoon Accessorize Trust, a registered charity to help under-privileged women and children in Asia.[43][44][45] Its partners include the Indian charity Seva Mandir, which works to keep girls in education and provide access to antenatal care and inoculations. The Trust also works with Sadhna, a charity that gives needle-workers access to bank accounts.[46]

Ethical Trading

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Monsoon is a member of the Ethical Trading Initiative (ETI), an alliance of companies, trade unions and voluntary organisations in support of workers in the supply chain of consumer goods.

References

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  1. ^ a b Halliday, FashionNetwork com,Sandra. "Monsoon cuts losses but profits stay elusive". FashionNetwork.com. Retrieved 2019-03-13.{{cite web}}: CS1 maint: multiple names: authors list (link)
  2. ^ "MONSOON ACCESSORIZE LIMITED - Overview (free company information from Companies House)". beta.companieshouse.gov.uk. Retrieved 2019-06-05.
  3. ^ Nazir, Sahar (2019-02-04). "Monsoon Accessorize calls for rent cuts amid shop closures". Retail Gazette. Retrieved 2019-03-14.
  4. ^ "Second-attempt at float to value Monsoon's founder at pounds 300m". The Independent. 1997-12-17.
  5. ^ Mills, Eleanor (2013-01-06). "Many hippie returns". The Sunday Times. ISSN 0956-1382. Retrieved 2019-03-11.
  6. ^ Thelwell, Emma (2007-09-28). "Monsoon founder to take retailer private". Daily Telegraph. ISSN 0307-1235. Retrieved 2019-06-05.
  7. ^ "Charity Details". beta.charitycommission.gov.uk. Retrieved 2019-06-05.
  8. ^ "BBC News | Business | Monsoon floating with £352m price tag". news.bbc.co.uk. Retrieved 2019-03-13.
  9. ^ "Monsoon comes to market at second attempt". The Independent. 1998-02-06. Retrieved 2019-03-13.
  10. ^ Killgren, Lucy. "Troubled waters divide Monsoon and City". FT.com. Retrieved 2019-03-13.
  11. ^ Macalister, Terry (2000-08-01). "Monsoon launches in US". The Guardian. ISSN 0261-3077. Retrieved 2019-03-13.
  12. ^ "Unorthodox style serves Monsoon well". Financial Times. 28 September 2007. Retrieved 2019-03-13.
  13. ^ Keers, Helena (2003-01-14). "Sales dry up for Monsoon as climate worsens". Daily Telegraph. ISSN 0307-1235. Retrieved 2019-03-13.
  14. ^ a b Keers, Helena (2003-07-02). "Monsoon family fashions higher stake". Daily Telegraph. ISSN 0307-1235. Retrieved 2019-03-13.
  15. ^ "Monsoon bucks high street trend". Financial Times. 25 July 2005. Retrieved 2019-03-13.
  16. ^ Eion Callan (24 July 2006). "Monsoon chairman plans demerger". Financial Times. Retrieved 2019-03-13.
  17. ^ Correspondent, Telegraph (2007-01-26). "Monsoon blown off course by internet". Daily Telegraph. ISSN 0307-1235. Retrieved 2019-03-13. {{cite news}}: |last= has generic name (help)
  18. ^ Fletcher, Richard (2003-11-23). "Monsoon activist owns just one share". Daily Telegraph. ISSN 0307-1235. Retrieved 2019-03-15.
  19. ^ "Monsoon man with the midas touch". The Sunday Times. 2005-03-06. ISSN 0956-1382. Retrieved 2019-03-13.
  20. ^ a b Kollewe, Julia (2007-09-28). "Monsoon founder wins fight to go private". The Guardian. ISSN 0261-3077. Retrieved 2019-03-13.
  21. ^ Dickson, Martin (17 January 2005). "Never mind the bollocks - here's Peter Simon". Financial Times. Retrieved 2019-03-13.
  22. ^ Killgren, Lucy (28 September 2007). "Simon offers to take Monsoon private". Financial Times. Retrieved 2019-03-13.
  23. ^ "Royal honour for cancer company". 2007-04-21. Retrieved 2019-03-14.
  24. ^ FashionUnited (2010-03-23). "Monsoon beats recession". fashionunited.uk. Retrieved 2019-03-13.
  25. ^ "Lai See". South China Morning Post. 2010. Retrieved 2019-03-19.
  26. ^ Faulkner, Ruth. "Monsoon pre-tax profits triple". Drapers. Retrieved 2019-03-13.
  27. ^ Faulkner, Ruth. "Monsoon pays founder £30m in dividends". Drapers. Retrieved 2019-03-13.
  28. ^ "Monsoon Accessorize reports "most difficult year"". Retail Gazette. Retrieved 3 May 2014.
  29. ^ a b Graham Ruddick (7 February 2014). Monsoon back in the black as former Apple boss boosts sales. The Telegraph. Accessed January 2015.
  30. ^ Sarah Butler (18 February 2015). Monsoon chief executive John Browett to step down. The Guardian. Accessed March 2016.
  31. ^ "Monsoon Accessorize criticised for mandatory supplier rebate". PrintWeek. Retrieved 3 May 2014.
  32. ^ "Monsoon faces criticism over supplier terms". Just-style.com. 25 February 2013. Retrieved 3 May 2014.
  33. ^ "Monsoon Accessorize turnover soars 4.3 percent in FY'13 - Fashion - Fashion-news". Fashionunited.co.uk. 7 February 2014. Retrieved 3 May 2014.
  34. ^ "Monsoon and Accessorize founder invests in furniture retailer Loaf". Growthbusiness.co.uk. 15 January 2014. Retrieved 3 May 2014.
  35. ^ Sarah Butler (8 May 2015). Monsoon to close stores and cut costs as profits slip. The Guardian. Accessed March 2016.
  36. ^ Monsoon Accessorize tops minimum wage list of shame. BBC. Accessed October 2015.
  37. ^ Sarah Butler (23 October 2015). Monsoon named and shamed for not paying staff minimum wage. The Guardian. Accessed October 2015.
  38. ^ a b Armstrong, Ashley (2016-08-20). "Monsoon owner vows no dividends as shops shut". The Telegraph. ISSN 0307-1235. Retrieved 2019-03-14.
  39. ^ a b Waller-Davies2017-05-15T16:23:00, Becky. "Monsoon boss Paul Allen's plan for clearer skies". Retail Week. Retrieved 2019-03-14.{{cite web}}: CS1 maint: numeric names: authors list (link)
  40. ^ "Monsoon mogul Peter Simon caught in the high Street deluge". The Sunday Times. 2019-05-26. Retrieved 2019-05-27.
  41. ^ Sands, Mark (2016-05-15). "Monsoon boss bags £27m dividend despite tumbling sales". www.cityam.com. Retrieved 2019-03-14.
  42. ^ Killgren, Lucy (18 April 2005). "Monsoon sues Primark over alleged copying". Financial Times. Retrieved 2019-03-13.
  43. ^ [s.n.] (26 October 2008). Peter Simon, founder and director, Monsoon and Accessorize. The New York Times. Accessed March 2016.
  44. ^ Howard Lake (5 January 2010). Money raining in for Monsoon Charitable Trust. UKfundraising. Accessed March 2016.
  45. ^ [s.n.] (29 January 2013). Christian Aid, Monsoon partnership to boost Afghanistan's silk industry. Christian Today. Accessed March 2016.
  46. ^ "Yasmin Le Bon and Monsoon founder visit Seva Mandir | Friends of Seva Mandir UK". Retrieved 2019-03-14.

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Category:Clothing retailers Category:Clothing companies of the United Kingdom Category:Retail companies established in 1973 Category:Clothing retailers of the United Kingdom Category:Clothing companies established in 1973 Category:Queen's Award for Enterprise: International Trade (Export) Category:Companies based in the Royal Borough of Kensington and Chelsea Category:Retail companies based in London Category:Clothing brands Category:British brands Category:Clothing brands of the United Kingdom Category:Fashion accessory companies Category:Jewellery companies Category:Fashion accessory brands Category:British brands Category:Fair trade brands

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