Type High Street retailer Products clothing, accessories Divisions Monsoon
Accessorize Founder Peter Simon CEO Paul Allen (Feb 2015–) | Key people Paul Allen, Chairman Owner Peter Simon Headquarters London, United Kingdom Founded 1973 Parent organization Monsoon Limited | |
 | ||
Website monsoon.co.uk
accessorize.com Profiles | ||
Monsoon Accessorize is a British private limited company. It has a London registered address, and operates two international retail clothing chains – Monsoon and Accessorize.
Contents
In 2014 the company had about 1400 stores in 74 different countries.
History
Monsoon was started in London in 1973 by Peter Simon, a market-stall trader, and opened its first shop in Beauchamp Place in May of that year. The first Accessorize shop opened in 1984, next door to Monsoon in Covent Garden.
In 1994 a registered charity, the Monsoon Accessorize Trust, was set up to help under-privileged women and children in Asia.
The company was listed on the Stock Exchange in 1998. In 2007 Simon paid £185 million to take it private again.
In 2009 the company moved to a building designed by Allford Hall Monaghan Morris in Notting Dale. The company's collection of some 300 works of modern and contemporary art is housed there.
From early 2013 to February 2015, John Browett, former head of retail at Apple, was chief executive of the company. He was succeeded by Paul Allen.
In February 2013 the Forum of Private Business criticised Monsoon for requiring all new suppliers to give a blanket rebate of up to 4% on all invoices as well as a further charge of up to 10% for early payment.
In October 2015 Monsoon was at the head of a list published by HM Revenue and Customs of companies that had failed to pay the national minimum wage. Because of a policy requiring employees to wear Monsoon clothes at work, the cost of which was deducted from wages, the company had effectively underpaid 1438 of its workers in the United Kingdom by over £104,000. The company was fined more than £28,000, and began paying a clothing allowance and raised wages.
Monsoon is a corporate member of the Ethical Trading Initiative.
Financial performance
In 2007 Monsoon was described as "struggling".
In the financial year to 25 August 2012 the company made an operating loss of £4m, compared to an operating profit of £60.1m in the previous year; group sales fell to £529 million.
The company returned to profitability in the following year: in the year to 31 August 2013 sales rose 4.3% to £552m and the company reported pre-tax profits of £18.1m.
In the financial year to 30 August 2014, group sales fell almost 8% to £509 million, and pre-tax profits were £50m; the company announced that stores would be closed and costs cut.