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Quiz Clothing to join Boohoo and ASOS on London's AIM market as it confirms intention to float

Quiz is seeking admission to raise funds to support its expansion plans
Quiz targets young fashion savvy consumers with affordable clothing
Quiz targets young fashion savvy consumers with affordable clothing

Fashion retailer Quiz Clothing has confirmed its intention to float on the London Stock Exchange’s AIM market next month to fund its rapidly growing business.

The womenswear company, which targets 16 to 35 year-olds, said it is seeking admission for a £200mln initial public offering and has appointed Panmure Gordon to advise on its plans to go public.

On admission, Quiz will be the latest in the affordable fashion industry to go public after plc (LON:BOO) and ASOS plc (LON:ASC), which have benefitted from the shift towards online shopping. ASOS is the biggest stock on AIM by market capitalisation with Boohoo in second place.

WATCH: Quiz among a slew of companies planning to join AIM

Quiz said it intends to appoint JD Sports Fashion plc (LON:JD. boss Peter Cowgill as independent non-executive chairman if the IPO goes ahead. Cowgill has led JD Sports to overtake Sports Direct in the UK sportswear retail sector in terms of market value. Earlier this year JD Sports impressed with a record 55% jump in pre-tax profit to £246mln in the year to 28 January from £158mln the previous year. 

Quiz, which has made a name for itself with affordable occasionwear, reported a 29.5% increase in revenue to £89.7mlnin the year to 31 March 2017, driven by online sales. Underlying earnings (EBITDA) jumped 44.3% to £10.3mln.

The company will use the funds from the IPO to support its strategy for growth, including the launch of international websites and opening more stores in the UK and abroad.

“We are delighted to announce the group's intention to float on AIM and we are confident that this will help enable the brand to achieve its exciting global potential,” said Quiz chief executive and founder, Tarak Ramzan.

The company, founded in 1993, currently has 72 standalone stores and 167 concessions in the UK, including in Debenhams, and the Republic of Ireland. It also has stores in 20 countries, including Dubai, Saudi Arabia, Pakistan and Malaysia.

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