Mikey: aiming for 45 stores in next three to five years

Jewel purpose

Published:  01 January, 2005

Jewellery retailer Mikey targets UK and overseas expansion

There is something to suit everyone’s budget and style at Mikey, one of the UK’s leading names in contemporary jewellery.

The retailer currently has 13 standalone stores across the UK, as well as three outlet stores, following recent openings in Croydon’s Centrale shopping centre and The Mall at Cribbs Causeway, Bristol. These came hot on the heels of 10 other store openings, including units in Antrim, Birmingham Bullring, Reading, Meadowhall, Newcastle and Glasgow, all over the last 15 months.

There are further expansion plans for the next six months, including a store in Paris. The plans also include a unit at the Dundrum town centre scheme in Ireland, and two locations in central London are expected to open in 2005.

Mikey also opened a concession on the fourth floor of London’s Harrods last year in the ‘Way In’ department. It joined six other concessions, in Selfridges in London, Manchester and Birmingham, Top Shop in Oxford Street and Fenwick in Newcastle.

Financial director Atholl Sarakinsky says: “Opening in Harrods is a significant step in the growth of the business, and sales there to date have exceeded expectations.

“The strength of the brand and demand for our product is such that we plan to have 45 stores in the UK in the next three to five years, as well as having a presence in designated European centres.

“Turnover is expected to grow for this financial year by around 35 per cent on the previous year – this includes wholesale sales, which currently represent approximately 15 per cent of the business.”

Sarakinsky says there are specific cities where Mikey hopes to expand over the next few years, and he adds that the company has big plans for overseas. “We are reasonably established in London, but we are still looking for West End stores and maybe a City store,” he says.

“We are looking for something also in Cardiff and Edinburgh, where we don’t currently have a presence. That’s pretty much it, but we do look at things as they come in on an individual basis.

“We are after a mix of shopping-centre and high-street locations of between 350 sq ft and 800 sq ft.

“We are opening a concession in Printemps in Paris in January, and we are looking also for a standalone store there. We will be looking at further European destinations, too. And who knows, maybe New York one day.

“Maybe America in the long, long term, as well as Hong Kong, Tokyo and Singapore.”

The company offers jewellery to suit every mood, from the most casual to fabulously glamorous. Prices range from £10 to £600.

Owner and creative director Michael Waterman is delighted with the success of the latest autumn/ winter season, dedicated to Hollywood glamour.

Mikey has also introduced a collection of oversized chandelier earrings, necklaces and colourful brooches, including a mix of vintage style and modern designs – making the company different from other jewellers.

Mikey’s Oxford Street beginnings:

Michael Waterman set up Mikey in 1989/1990 when a friend asked if he would like a concession in Top Shop on London’s Oxford Street.

Helen Waterman, Michael’s mother, invested her savings and became a partner in the business and concessions were opened in Oxford Street and Manchester, as well as in Jane Norman branches in London.

In 1995, due to wholesale demand, Waterman organised his first trade shows, and in 1997 he opened his first standalone store in Carnaby Street, London. Shop openings and new designs followed in 2000 and have continued to the present day.

In 2002 Waterman developed his wholesale business and opened a showroom in London.

Mikey - Factfile

Predicted turnover (year to 28 February 2005): £10m (up 35%)

Number of stores: 13 standalone, 3 outlets

Number of shopping-centre stores: 14

Number of concessions: 7

Target number of stores, next 5 years: 45

Store size: 250 to 700 sq ft

Total selling space: 8,000 sq ft

Letting agent: Rohleder Lumby

Owner, creative director: Michael Waterman

Financial director: Atholl Sarakinsky

Registered address: 68 Great Portland Street, London W1W 7NG

Phone: 020 7580 8123

Website: www.mikeyjewellery.com

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