Former Dragons’ Den star Theo Paphitis has taken over as chief executive of Robert Dyas in a bid to turn around the struggling homewares chain.
The retail entrepreneur, whose empire also includes lingerie brand Boux Avenue, stationery firm Ryman and art supplier London Graphic Centre, has stepped in on an interim basis ‘to inject a strategic and management refresh into the brand’.
He said Robert Dyas has endured ‘a tougher time in its high street stores’ last year but added: ‘Whilst these challenges have continued into the current trading year, we are pleased to say that promising green shoots are now appearing.’
Online sales rose 11.8 per cent at Robert Dyas last year but business was down 5 per cent across its 93 stores.
The ‘green shoots’ of recovery are starting to appear at Robert Dyas
Theo Paphitis’ business empire also includes the Boux Avenue lingerie brand
At Ryman, profits rose 20.5 per cent to £1.94million, with the company expecting that to increase again to £3million this year.
‘We are in a time where other heritage bands, such as WH Smith, have disappeared from the high street,’ said Paphitis.
‘A stark reminder to high street retailers to remember their purpose and reason to exist and evolve accordingly, especially in a time when the customer is more promiscuous than they have ever been due to online choice.
‘The team has dug deep on a Ryman refocus and I am delighted to see this pay off.’
He hailed ‘a major step forward in profitability’ at Boux Avenue following a 6.9 per cent rise in sales.
The brand is expected to make profits of ‘at least £4million’ this year ‘after a strong Christmas and Valentine’s trading period that produced double-digit growth’.
‘Boux Avenue has come of age,’ said Paphitis.
London Graphic Centre, which is based in Covent Garden and sells everything for artists from sketch books to paint, racked up a record year with sales up 17.4 per cent.
‘London Graphic Centre is iconic, both in its product range and position in Central London, and has fast become a go-to place, not just for art professionals, students and lovers of stationery but also for tourists who enjoy the iconic backdrop and retail experience,’ said Paphitis.
DIY INVESTING PLATFORMS
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.