Establishes initial Spanish subsidiary in A Coruña, seals agreement with Inditex pertaining to personnel
In the world of fashion retail, British giant Next continues to make strides, recently closing its last fiscal year with sales of 7,306 million euros, an impressive 15.8% increase from the previous year. With a network of 457 stores across Europe, Asia, and the Middle East, Next remains a dominant player in the industry.
Next, which employs 45,000 workers, primarily in the United Kingdom, has announced the establishment of its first subsidiary in Spain, named Ginkgo Kalone Investments. Based in Cantón Pequeño, the new company has a share capital of 3.01 million euros and is a significant expansion for the British fashion distribution company, Modaes.
Modaes, originally named J. Hepworth & Son in Leeds and renamed Next in 1982 after the acquisition of Kendall & Sons, a women's fashion company, has made strategic hires for Ginkgo Kalone Investments. Caroline Tello, who has more than eleven years of experience working for Inditex, the parent company of Zara, has been admitted as a solidary proxy. Gabino Felgueroso, who has over seven years of experience working for Zara, is another notable addition. Both Tello and Felgueroso bring valuable insights from their time at Inditex, a company known for its innovative approaches to fashion retail.
The expansion into Spain is not Next's first foray into international markets. Next distributes a variety of well-known brands such as Seraphine, Reiss, JoJo, Maman Bébé, Cath Kidston, Made.com, Joules, FatFace, and Victoria's Secret, among others. The company also controls 51% of the joint venture with which Gap operates in the British market.
Despite its success, Next's profit fell by 8.3% to 851 million euros in the last fiscal year. However, the company's focus on the online channel, with more than half of its sales coming from this channel, positions it well for the future as online retail continues to grow.
Next Iberica S.A., the name of Next's first subsidiary in Spain, is another step forward for the company. Founded in Cantón Pequeño, it is a testament to Next's commitment to expanding its presence in Europe. As the fashion retail landscape continues to evolve, Next remains a key player, leveraging its experience and strategic hires to stay ahead of the curve.
