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House of Fraser is to renew its product and trade strategy as part of a transformation journey as its shareholders prepare to vote on its company voluntary agreement (CVA).
The plan will focus on “ensuring House of Fraser becomes a destination for customers to shop their favourite brands while providing a ‘premium experience’ for shoppers, both online and in store”.
The retailer will make its core focus to offer a curated selection of contemporary brands and says it aims to respond to trends and deliver exclusivity through concession partnerships, investing in trend-spotting and product innovation capabilities alongside its recently launched globally responsive supply chain.
Later today (Friday 22 June) the 169-year-old company will see its shareholders vote on whether it should close 31 of its 59 shops, slashing its outlets by half.
Some 6,000 jobs are at risk and if the shareholders do not vote in favour of the CVA, the department store could face going into administration. The plan requires approval from 75% of its shareholders.
David Walker-Smith, chief product and trading officer, said: “Since joining House of Fraser, I have worked with the team to review our current product offering and what became crystal clear is our customers love brands. Customers now want more from their shopping experience and as a business, we need to make sure we are exceeding expectations.
“I’m really looking forward to embarking on this new chapter for the business and working with both our existing and new partners to bring an exciting proposition to stores and online.”
