Following Wednesday’s (04 September) news of Quiz’s AGM trading update, Pippa Stephens, Retail Analyst at GlobalData, a leading data and analytics company, offers her view:
“A significant revamp to Quiz’s product offer and brand appeal is essential to regain footfall and investor confidence – with its update this morning leading to a 13% fall in share price. To justify its midmarket price points, Quiz must improve product quality or lower its prices to be in line with PrettyLittleThing and boohoo.com, as it is currently neither better quality or cheaper, which is impacting its destination appeal.
“While some products hit the mark in terms of fashionability, the design handwriting can be confused across categories, affecting the loyalty of its target audience. Improved consistency and relevance in trend adoption is needed. This could be better communicated by utilising social media, brand ambassadors and celebrity collaborations, again to step up against the value fashion pureplays and improve brand desirability.
“Quiz should also reduce its reliance on occasionwear, an area where rivals are stronger, and increase its mix of smart-casual styles – allowing it to steal footfall from Miss Selfridge, New Look and H&M. Better promotion of these collections within its marketing campaigns would also drive wider appeal and more frequent spend.
“In addition, further digital investment is necessary such as Quiz’s website, which needs updating to be slicker and more visually appealing, to stop the company from being overshadowed by online pureplays.”