“There will be a recovery, and the actions you take now will affect what your business is like in that recovery. So plan ahead, it could be a great opportunity. Keep developing, so you emerge stronger.”
Geoff Quinn, managing director of TM Lewin
These are bullish words from Quinn, the man behind high-street tailors TM Lewin. But if he comes off as pretty self-assured, he has good reason to be. TM Lewin have just announced record profits, with a 20% uplift in EBITDA to £13.2 million predicted for next year. And all that despite the dark clouds circling the economy and the retail sector in particular.
So how have they done it? The text book answer would be through an unfaltering commitment to quality. If consumers enjoy wearing your shirts and buy into your brand, then your product will become increasingly price inelastic. In other words, people will keep buying your shirts even when they’re wallets start feeling the strain.
But TM Lewin’s recent success also happens to coincide with some massive strides forward in their sales and operations team. On one front, the retailer has made massive improvements to their business processes, leading to a saving of over £2million in operational expenses. These improvements include outsourcing warehouse facilities and distribution from London to Leeds, along with improving stock systems and upgrading their online offering.
However, it is an ambitious new approach to price promotion that has really driven increased sales and the subsequent profits announcement. By leading on quality and bringing in new customers on price, TM Lewin seem to have hit on a winning formula. They are an inspirational example of a company in a hard hit industry using the credit crunch as an opportunity to gain market share. Of course the proof is in the pudding, but their development has thrown down a gauntlet to the market leaders on the high street. Come out fighting in this recession, or suffer the consequences.
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on Oct 8th, 2009 at 2:59 pm
tm lewin shirts are simply irresistable,perfct colour blends,and neat sewing also,its simply beautiful.
on Jan 15th, 2010 at 1:46 pm
tm shirts are cool, but for a size 6 person, it is difficult to get lovely colours in nigeria, n even my size as well.
dont know if there’s a way i can order directly from the makers, my size and type of shirts i want
i can be reached on the email addy above
on Jul 22nd, 2010 at 3:56 pm
Kindly send me contact number i can call to discuss how to order for TM.Send the number to my yahoo mail