Tesco Launches Online Clothing Store
03 10월 2009 - 8:31AM
Dow Jones News
U.K. retail giant Tesco PLC (TSCO.LN) Saturday launched a new
online clothing store which will pit it against established high
street retailers with an online presence like Next PLC (NXT.LN),
Marks & Spencer PLC (MKS.LN) and ASOS PLC (ASC.LN).
The new site will open up Tesco's clothing brands to the other
half of the U.K. population that aren't able to access their large
stores which stock the company's range, and will also include a
further 1,000 product lines on top of the current 2,500 lines
currently sold.
Market research company Mintel, in its August online fashion
report, predicts the market for buying clothes over the Internet
will grow 26% in the U.K. in 2009 to GBP4.1 billion, representing
8.8% of the total clothing and footwear market.
The company forecasts this figure will rise to 11.4% by
2014.
Tesco's clothing chief executive, Terry Green, told reporters at
a preview Thursday that the company aims to generate 10% of
clothing sales online in the future, although he wouldn't be drawn
on a specific time frame.
Tesco currently generates around GBP1 billion a year from
clothing sales, Green said, out of total annual sales in the year
to end-Feb of GBP59.4 billion.
Green estimates that Tesco is fourth in the value clothing
market, behind Walmart Stores Inc.'s (WMT) Asda, Associated British
Foods PLC's (ABF.LN) Primark chain and Marks & Spencer, and
said Thursday the company aims to be number one.
He added the clothing lines would range in price from GBP5 to
around GBP200, its highest value premium product, and would include
Tesco-branded clothes alongside high-street names like Nike and
Timberland, as well as designer collaborations like Mischa Barton
handbags.
The company already sells its food and grocery products online,
although it doesn't separate out online sales figures from in-store
sales.
Company Web site: www.tesco.com
-By Kathy Sandler, Dow Jones Newswires; 44-207-842-9293;
kathy.sandler@dowjones.com
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