Fashion retailer Quiz has witnessed a significant decline in revenue with sales plummeting across its online and offline platforms, according to reports. With the year-on-year performance rapidly dropping, the company is seeking emergency funding during the crucial November and December trading periods.
Despite some improvement in online sales in December, overall revenue fell short of expectations, leaving the company with insufficient cash reserves.
The womenswear apparel brand has held a combination of factors responsible for this phenomenon, including inflationary pressures that have eroded consumer confidence and spending power.
With a significant loss in the first half of the year and warnings associated with cash shortages by early 2025, the company is considering to secure additional funding to keep the functioning afloat.
To navigate this challenging period, Quiz has proposed delisting from the London Stock Exchange and re-registering as a private company. This move aims to provide the company with greater flexibility in its financial restructuring and strategic decision-making.
Quiz operates a network of 62 stores and 47 concessions across the UK, with its international business showing some resilience, particularly in the Middle East and the United States. However, the company’s core UK market remains under significant pressure.