Financial clouds lift for Hallensteins, Glassons and Storm

  • News
  • March 30, 2015
  • Sarah Dunn
Financial clouds lift for Hallensteins, Glassons and Storm
Hallenstein Glasson Group is selling a line of suits at Harrod's under the name 'H Brothers'.

The company had made $6.177 million in the prior corresponding period in 2014. Group sales have also increased 4.2 percent to $110.865 million.

CEO Graeme Popplewell says he is pleased with the progress Hallenstein Glasson has made towards regaining market share.

“The critical trading period of December and January was particularly robust, and we have seen that momentum carried forward into the first few weeks of the second half of the year. “

Popplewell says the Hallensteins brand has had a particularly strong season, lifting its profits by 52 percent and sales by 5 percent. This was achieved with a better product offering, which attracted strong sell-through and resulted in an improved margin on sales.

The group said Hallensteins’ innovative marketing campaigns have resonated with the consumer, and the brand is well-placed to capitalise on its success in the coming months.

In an unusual move, Hallensteins has recently teamed up with The Coca-Cola Company and American musician and entrepreneur’s label Ekocycle to make eco-friendly suits under the name ‘H Brothers.’ The suit, which retail at £500, are sold through high-end UK department store Harrods. Popplewell told the National Business Review that they will not be available in New Zealand.

Like The Warehouse Group, Glassons suffered during the first four months of summer. Net profit after tax for the New Zealand operation has dropped from around $3 million to $2.26 million, but in the group’s report, Popplewell says Glassons has shown strong improvement in product offering.

He told the NBR that a new Glassons general manager would start in mid-April, ending a period of disruption for Glassons’ senior management staff. In the same interview, Popplewell also said that its rebranding from November was “starting to bite.”

The Glassons brand has shown good progress in Australia with total sales up 16 percent.

“During October a new store concept was rolled out in a new location at Bondi Beach, and also in the redeveloped mall [in Sydney],” says Popplewell. “Results from the new concept stores have been very strong and provide a key for future growth.”

Another store in Brisbane will be opened this winter, and further sites are being evaluated. New Zealand will also see the new store concept in Albany late this winter.

Storm is Hallenstein Glasson’s newest brand. Launched in 2007, it bridges the gap between designer and chain products. Its net profit after tax has lifted by 20 percent, although sales remain flat. This was achieved by improving margins through tighter buying.

In the financial report, Popplewell was reluctant to project results for the upcoming winter trading months, but said each chain is in a strong position to capitalise on results so far, and the group is approaching the new season with confidence.

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