Having launched Quiz Clothing in Glasgow in 1993, founder and CEO Tarak Ramzan saw his fashion business float on London’s AIM on Friday. And it certainly seems as if the Scottish franchise’s public offering was welcomed with open arms: its shares leapt by more than a fifth in its first day of trading, pushing its market value from £200m in the early hours to £245m. This made Quiz Clothing the second-biggest primary raise on AIM this year after Eddie Stobart Logistics, the truck company, floated at £550m earlier this spring.
To date the company has 73 stores and plans to boost that number by roughly 40 more: it also has more than 165 concessions in the UK and in the Republic of Ireland. And just like Marks & Spencer and Debenhams before it, Quiz Clothing has expanded internationally with the help of franchising, currently having 65 franchises across 19 countries.
But while the company will continue to grow its number of bricks and mortar outlets, its primary focus will be on building its presence on the web and strengthening its presence in new markets. “There’s still good growth in stores… but the real growth story over the next few years will be international and online,” Ramzan was quoted as saying in the Financial Times.
Earlier this year Pip Wilkins, chief executive of the bfa, declared 2017 to be the year of global franchising. And with Quiz Clothing’s floatation standing testament to the model’s success, it seems increasingly likely that more companies will give franchising a go.