While much of the world is suffering from a recession, Ozwalk Boateng, a top fashion designer in menswear, is expanding his business. Having been in talks with both banks and investors, he could garner £150 million of investment in order to open up to 100 shops all over the world.
The cost of each store will run to somewhere in the region of £1.5 million, and will operate in a franchise model. One of the first to open will be in London, with Sloane Street being considered, and it could arrive as soon as 12 months. Paris, one of the homes of fashion, is also being considered.
Mr Boateng has been suiting the stars since the 90s, with a number of celebrity clients such as Mick Jagger and Jude Law. His business operates primarily from his store on Savile Row, and he is leader in the male fashion industry. While based in the UK, his business reaches across the world.
He had seven shops in Japan, and when their economy hit a crisis in the 90s, his business suffered. Since then, he has always been a lot more cautious about the development of his company, and plans to be more hands on as this expansion takes place to avoid being hurt by a similar crisis.
If everything goes according to plan, then his profits, before tax and interest, will go from just over £1 million pounds a year to over £70 million, in just 5 years. Mr Boateng has said that he would like to have a global brand, similar to Louis Vuitton, and is aware that Bernard Arnault, who is the chairman and CEO of LVMH, made a fortune from fashion, and is one of the richest men in Europe.
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