Clothing retailer Joules has increased its non-fashion range by acquiring The Garden Trading Company.
The Garden Trading Company designs garden, outdoor and home products. According to Business Live, a spokesperson for Joules said that the company had a “close cultural alignment” with Joules.
Joules is reported to be spending £12.5 million on the acquisition. Nick Jones, its Chief Executive, explained why the clothing retailer is purchasing The Garden Trading Company:
“The acquisition will help to increase the Joules customer base, broaden our product offering and strengthen our digital platform, which are three of the group’s key strategic growth pillars.”
It has been a challenging time for fashion retailers, with many high street brands closing down. This is partly because of store closures during the COVID-19 pandemic, but many retailers were struggling before the virus affected trading. Joules has met this challenge by expanding into non-fashion lines. It has partnerships with DFS, Boots and Vision Express to sell their products on its website and through its “Friends of Joules” website, where it sells products from hundreds of businesses. Joules recently went into partnership with Marks & Spencer, which sells Joules clothes in its stores.
The growth of online sales by Joules and other retailers has resulted in a boom in the logistics industry, with extra warehouse space required to store more product lines. This has also meant a high demand from the warehouse equipment supplier sector for material handling and storage equipment needed to process online orders.
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