Joules Group plc Business Update (3215Z)
September 13 2022 - 9:41AM
UK Regulatory
TIDMJOUL
RNS Number : 3215Z
Joules Group plc
13 September 2022
This announcement contains inside information within the meaning
of the Market Abuse Regulation.
13 September 2022
Joules Group Plc
("Joules", the "Group", the "Company")
Business Update
Further to the Group's announcement on 7 August in relation to
its engagement with Next Plc ("Next"), Joules confirms that
discussions about Next plc acquiring an equity stake in the Group
have ceased, however discussions regarding Joules potentially
adopting the Next Total Platform in the future will remain ongoing.
The Company has an ongoing positive relationship with Next,
successfully selling Joules products through Next's Label channel
which will continue.
The Group continues to develop and execute its strategy and
turnaround plan, which focuses on driving higher profitability
through: a better pricing and promotional strategy; focusing on
more profitable product categories with shorter time to market;
optimising the Group's channel mix; and a continuing strong focus
on cost control. The Group's outlook for the full year remains
unchanged.
Jonathon Brown, the Group's new CEO with effect from today, is
pleased to announce that Tom Joule, the Company's founder and a
Non-Executive Director of the Group, will lead, in an executive
capacity, the Company's renewed product development process for the
forthcoming seasons to oversee the Company's product offer and to
ensure it surprises and delights our customers.
The Group continues to assess its ongoing financing requirements
and is considering alternative options, including a possible equity
raise, to allow the Company to strengthen its balance sheet. A
further announcement will be made if and when appropriate.
Enquiries:
Joules Group plc Tel: +44 (0) 1858
435 255
Jonathon Brown, CEO
Caroline York, CFO
Hudson Sandler (Financial PR) Tel: +44 (0) 20
7796 4133
Alex Brennan
Lucy Wollam
Charlotte Cobb
Peel Hunt LLP (NOMAD and Joint Broker) Tel: +44 (0) 20
7418 8900
George Sellar
Andrew Clark
Liberum Capital Limited (Joint Broker) Tel: +44 (0) 20
3100 2000
John Fishley
Edward Thomas
This announcement contains inside information within the meaning
of the Market Abuse Regulation. The person responsible for
arranging release of this announcement on behalf of Joules is
Caroline York, Chief Financial Officer.
Joules - a premium lifestyle group with an authentic British
heritage
Joules is a premium lifestyle brand and group with an authentic
heritage and values of family, fun and joy in the countryside.
Joules creates and curates exceptional products that brighten
the lives of its customers, delivered through leading digital
platforms and supported by enticing experiences and stores that are
located in desirable locations relevant to the Joules customer's
lifestyle.
The Joules story began in 1989, when Tom Joule started selling
clothing on a stand at a country show in Leicestershire. Today, the
business designs and sells Joules-branded clothing, footwear and
accessories for women, men and children as well as collections of
homeware, toiletries, lifestyle and pet product ranges that are
carefully designed and developed through selected licensing
partnerships. Each collection comprises Joules' distinctive use of
humour, colour and unique prints, each of which is hand-drawn by
the brand's talented in-house print design team at its headquarters
in Market Harborough, Leicestershire.
In 2021, Joules acquired leading digital home and garden
retailer The Garden Trading Company, strengthening its position in
the important and fast-growing home, garden & outdoor category.
Similarly inspired by the British countryside, Garden Trading
designs and sells distinctive products through its own e-commerce
platform and many wholesale partnerships across the UK.
Joules' distinctive design-led products are complemented by an
increasingly broad customer offer provided through its digital
marketplace 'Friends of Joules' that enables third-party brands to
offer curated, complementary products to the Joules customer base,
enhancing Joules' digital platform with thousands of products from
hundreds of creative businesses to give customers everything they
could ever need for a contemporary country lifestyle.
The Joules group caters to its more than 2 million active
customers through its own digital platforms, its retail stores in
the UK and at country shows and events. Joules extends its brand
reach through well-established third-party relationships -
concessions, online marketplaces, and traditional wholesale.
www.joules.com
www.gardentrading.co.uk
www.joulesgroup.com
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