The UK’s leading young fashion footwear retailer
OFFICE is a leading young fashion footwear retailer, offering a mid-priced and affordable product range for men, women and children. Silverfleet invested in OFFICE in December 2010 and under our ownership significantly enhanced its e-commerce offering and expanded its retail footprint, including entering Germany.
- Operates in fast growing, core retail market
- A successful roll-out programme achieved international expansion
- Enhanced growth via the improvement of e-commerce offerings
Building an online presence
Headquartered in London and founded in 1981, OFFICE has a full multi-channel retail offering, including stores, department store concessions, websites, in-store tablets and click & collect services.
Its strong market position allowed the company to negotiate beneficial trading terms, making it an attractive investment for Silverfleet. In addition to this, the business’s range of both third-party brands (including Adidas, Converse and Nike) and own brands gave it a defensible offering and good profit margins.
Post-acquisition Silverfleet aimed to significantly improve OFFICE’s e-commerce offering by launching an enhanced website, as well as implementing in-store tablets and click & collect services. OFFICE now operates three e-commerce web-sites, and the company’s operations in the UK, the Republic of Ireland and Germany generated sales in excess of £270 million, 20% of which were achieved online. In addition to this, Silverfleet invested in a new ERP system and warehouse management system, with the development of a CRM system to help manage sales initiatives.
In 2012 we appointed a new Chairman, Allan Leighton, who along with other executive board appointments, provided the management team with the knowledge and capability to further grow OFFICE into the retail success story it is today.
Under our ownership, OFFICE expanded its retail outlets from 75 to 115 stand-alone stores, six of which were in Germany.
Silverfleet enacted an ambitious store rollout programme, which resulted in 40 new stand-alone stores being opened, six of which were in Germany, taking the overall total to 115 stores. OFFICE also increased its number of concessions to 47, located in House of Fraser, Topshop and Selfridges respectively. Silverfleet has significant experience in implementing large-scale roll-outs of this kind, and in particular our successful roll-outs of the Oasis, Coast and Histoire d’Or brands provided us with the expertise to greatly expand OFFICE’s retail footprint.
In December 2015 we completed the sale of OFFICE to Truworths International, a South African fashion retailer listed on the Johannesburg Stock Exchange, for £256 million (approx. €363 million), resulting in Silverfleet I achieving a 3.4x return on its original cost of investment and a 34% IRR.
new stand-alone stores
new German stores
OFFICE’s rollout and e-commerce programmes created over 1,200 new jobs.