N Brown Group - Shaping up
N Brown is taking crucial steps in its transition to being a pure-play online retailer (currently 77% of sales) and to strengthen its leading position in the under-serviced market for fashionable plus-size apparel. While strategic updates may be on hold until a new CEO is appointed, the company closed the loss-making portfolio of high-street stores in H119 and further brand consolidation seems inevitable. The shares trade on a low FY19e P/E of 5.5x and yield 7.2%.N Brown Group is an online retailer. Co.'s primary retail brands are JD Williams, Simply Be and Jacamo. Co. sells ladieswear, menswear, footwear, homewares and gifting across all its brands. Co. is democratising fashion and are size inclusive, focusing on the underserved customer groups, which size 20 plus and age 50 plus. Co.'s other brands include Fashion World, Marisota, Figleaves, High and Mighty, Ambrose Wilson, Premier Man, Julipa and House of Bath.
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