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Gloucestershire Business News

Profits double for menswear brand

Menswear retailer, Moss Bros, is looking to open new stores following a big rise in profits.

Sales for the retailer were up 63% to £151.6m for the 12 months to January 2023, up from £93.1m the year before.

Profits increased 112% from £17m to £36m for the year, boosted by a "significant" rise in demand for casualwear.

The retailer previously had stores in Gloucester and Cheltenham, but they closed due to a big drop in demand for formalwear during the pandemic.

Now it plans to open 10 new stores this year, creating around 80 new jobs.

Moss Bros said its strong performance was in part due to the success of its marketplaces offer, which saw it sold on the Next and John Lewis websites.

The brand said it has moved away from a formal hire business selling tailoring to a brand with formalwear and rentals complementing smart casualwear fashion.

Moss Bros said it has 'completely reimagined the product offering for the way our customers are living today'.

Image credit: Google Maps 2018

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