TM Lewin plots major overseas expansion

 
Kasmira Jefford
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SHIRTMAKER TM Lewin has launched ambitious plans to open one store a week over the next three years after reporting a rise in profits.

The retailer, whose suits and shirts are popular with working professionals, said over half of the openings will be in South Africa and India with the rest spread across the Far East where it already has stores, as well as in Dubai, Abu Dhabi, Nigeria and the Czech Republic.

TM Lewin currently has 91 stores in the UK, and over 58 stores overseas in countries including Singapore, Australia and Malaysia, where it launched last year.

Chief executive Geoff Quinn, who owns the majority of the business, said: “We have received a fantastic reception in many of our new store openings around the world. Clearly our brand is well known within the international business community and this has given us a lot of confidence with our plans.”

His comments came as accounts filed for the year to 2 March show earnings dropped 13.1 per cent to £10.5m after being squeezed by rising cotton prices.

However, TM Lewin said earnings in the past six months have risen 77 per cent on turnover up four per cent.