RE: Very same Demo as Debenhams -Record Revenue19 Oct 2021 13:00
Wry, nbrown next directory - all essentially born out of catalogue companies, the original home shopping. Can’t remember the exact details but I think it was kays (part of great universal stores who ultimately sold out their catalogue business to what became very) who started off selling watches to train station masters because they needed accurate time pieces and they were expensive so they provided them on a weekly purchase basis. They even sold chicken houses and one day old chicks by mail order at one point and get this if one arrived dead you could get credited but to avoid any possibility of customers abusing the system to get credit you had to chop off the feet of the dead chick and send them back!
Over the years the catalogue companies got very good at warehousing and picking and packing individual customer orders and became experts at returns processing (getting stuff back, inspected, repacked and back into stock and crediting customers) which can be a big stumbling block for anyone wanting to enter the home shopping arena today. Given how long it took to produce a catalogue to go to all their customers (source product, photograph models, edit and proof, print and bind) they were buying fashion for the catalogues about 18 months in advance of launch date! Fast fashion it was not.
They were all fairly recession proof because they offered credit, often to people who couldn’t get alternative sources of credit and they were all good at credit management/debt collection. I can’t help wondering how big/valuable great universal stores would be today if they had retained everything given they once owned their own delivery company in white arrow, their own credit reference agency in Experian, owned several catalogue brands and even owned luxury fashion retailer Burberry too!
It’s ironic that nbrown who were already good at home shopping attempted to do a next and be present on the high street and have suffered somewhat as a result having to refocus on pure online moving forwards whereas if they had avoided the high street and focused on online they might also be where very are today.
There’s been rumour that the Barclay brothers want to either float or sell very. I wonder how much they would want for it and wether boohoo would care for a ready made slow fashion, homewares, credit business? Totally the opposite to the way Debenhams market place is positioned with all the inventory and credit risk etc but very profitable and with a large and rather sticky customer base.