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Kidswear retailer Pumpkin Patch to continue cost-cutting
26
Nov '11
New Zealand-based childrenswear retailer Pumpkin Patch would continue with its cost-cutting exercise, by shutting down its underperforming outlets, in view of the prevailing difficult trade conditions.

Last year, the company lost US$ 1.8 million as it closed all its US outlets and tried to revive its ailing UK business. The company has also been countering the issue of low demand, which too is inducing it to cut costs.

As stated by the listed company's newly appointed Chief Executive, Neil Cowie, they are even branching out into low-cost segments, including international wholesale trade and launch of a new website - Patch General Store.

According to Mr. Cowie, in this era of competition, if one does not consider being a multi-channel retailer, it is going to be much difficult to survive and move forward.

The international wholesale segment necessitates only a limited capital and is comparatively more appealing, he says, as the domestic retail partners incur the expenses for shop and possess the leases, while Pumpkin Patch only shares its design and logistic know-how.

Meanwhile, the company Board has consented to exercise a total cut of NZD 130,000 in fees of the Directors, to contribute towards sharing the burden of cost-cutting.

Pumpkin Patch predominantly sells through its own store network in New Zealand, Australia, the United Kingdom, Ireland and the United States.

Fibre2fashion News Desk - India

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