Fast fashion womenswear firm Quiz has confirmed its intention to float on the London Stock Exchange’s junior Aim market, as it seeks funds for growth.
The flotation is expected to take place next month, at which time Peter Cowgill, chairman of JD Sports Fashion, will join Quiz as independent non-executive chairman. It will reportedly value the business at £200m.
Quiz was founded in Glasgow in 1993 by Tarak Ramzan, who is chief executive, and employs approximately 1,350 people. It specialises in occasionwear, eveningwear and dressy casualwear for women aged 16-35.
The business has 73 standalone stores in the UK and Ireland and 167 concessions including, among others, Debenhams and in House of Fraser. It also has 70 franchise stores internationally, as well as wholesale partners and international online partners, including Zalando.
It has increased its total revenue by 21% between 2015 and 2017, to £89.8m. EBITDA has grown by 30.6% to £10.3m in that period.
Quiz said current trading remains strong, with like-for-like across stores and concessions in the UK and Ireland up 16% in the first two months of the current financial year.
Ramzan said: “Quiz is a strong and distinctive omnichannel fashion brand with a clear customer and product focus.
“The group’s fast, flexible supply chain together with the winning formula of style, quality, value and speed-to-market has enabled Quiz to grow rapidly into an established international fashion brand with over 300 standalone stores, concessions, franchise stores, wholesale partners and international online partners in 19 countries.
“I am very confident that we have a well invested infrastructure, a fantastic team and a clear strategy to accelerate further the growth of the Quiz brand across all channels and markets.”
Cowgill added: “Quiz is a dynamic company with a fantastic product offering and proven routes to market. The group is ideally placed to capitalise on a wide range of growth opportunities, particularly online, where the brand has experienced very strong growth.