User:MrMistral/sandbox

I'd welcome comments on the following text. I'd say it is a lot more detailed, up-to-date and balanced than the current page ( Monsoon Accessorize ).

User EdwardX has asked if I have a conflict of interest - I don't, as far as I understand your rule sbaout it. He's also suggested I request help via a tag that says I do have a conflict of interest, so I'm not sure what I can do about that, except use his tag in good faith and assume it to be the one I am supposed to use.

Monsoon Accessorize
Monsoon Accessorize' is a fashion retailer operating under the separate brands of Monsoon and Accessorize. In 2019 the company operated 278 stores in the UK.

The company takes its name from its founder Peter Simon, who was born in Sri Lanka during a monsoon. The Monsoon brand first came to prominence in the 1970s and is known for ethnic-inspired clothing. Accessorize launched in 1984, selling fashion accessories.

The firm is a founder member of the Ethical Trading Initiative. The firm donates a portion of profits to the Monsoon Trust, a registered charity set up by Simon; the Trust supports underprivileged women and children who work in Monsoon's Asian supply chain.

1973-1997
Monsoon was founded in London in 1973, after founder Peter Simon returned to the UK from the 1970s hippie trail. His trips included an overland drive from London to Rajasthan, Turkey, Iran and Afghanistan. On this trip Simon noted the style of clothing worn by locals, such as block-printed textiles, kaftans and raj-style clothing. Simon began importing these items to London, capitalising on the 1970s fashion for ethnic clothing. At first he sold from Portobello Market before expanding to supply high-street retailers.

The first Monsoon shop opened in Beauchamp Place in May 1973. In the mid-70s the business shifted from imports to production, beginning with Indian-style clothes in handblock prints. The first Accessorize shop opened in 1984, next door to Monsoon in Covent Garden. A second Accessorize store opened two years later on Carnaby Street.

In 1994 Simon founded the Monsoon Accessorize Trust, a registered charity for under-privileged women and children in Asia.

1998-2007
The company listed on the Stock Exchange in 1998 valued at £352m. Simon made £85 million from the float. He kept 74.6% of shares in private ownership, stating that the flotation was to motivate staff with share-based rewards, rather than raise debt. By this time the group operated 282 shops in the UK and 28 overseas. Alongside ethnic clothing, the company also began selling children's wear, as well as fashion for 30+ adults. Profits dropped in 1999, but by the early 2000s trading improved; over the next five years the group would largely beat City forecasts.

In 2000 Monsoon opened stores in the United States and Saudi Arabia, while Accessorize expanded into Turkey, South Africa and Japan. Pre-tax profits rose 13% to £23m. In 2003 the shares fell after a profits warning, prompting Simon to criticise City analysts and the reporting requirements of public companies. That year pre-tax profits grew 9% to £17.7m, from 277 stores in the UK and 90 overseas.

In November 2003, two Simon family investment vehicles moved to de-list the company from the FTSE and re-list on AIM, increasing Simon’s control over the business but with fewer reporting requirements. The structure of the deal was approved by the Takeover Pane l but was criticised by some minority shareholders, who wanted Simon to pay them a premium for increasing his shareholding.

Further expansion followed in the two years after listing on AIM, including the purchase of 47 Etam stores. From 2005 turnover increased to £363.7m and pre-tax profits grew 20% to £53.1m.

In 2006 the international arm of the business outperformed the UK business for the first time, driving an increase in turnover by 33% to £485m; meanwhile the UK business required debt funding for the first time in its history, owing to difficulties in assimilating the 47 Etam stores. By the end of 2006 the firm operated 402 stores in the UK and Ireland, and 400 international stores.

After describing Monsoon's public listing as his “...biggest mistake”, in 2007 Simon paid £185 million for the shares needed to take the business off AIM and once more into fully-private ownership. His 424p per share offer was a 4% premium to the previous closing price. The deal bought out the 11% stake held by US hedge fund Polygon. At the time of going private, the firm operated 858 stores, including 453 outside the UK.

In 2007 Monsoon received a Queen's Award for International Trade.

2008-present
In 2008 turnover increased by 5.3% to £710m, while operating profits grew 12% to £68m. The company opened 109 international stores and launched in six new countries, while trading in UK stores was flat. In 2010, the company announced an eight-fold increase in profits attributed to a rise in international trading, with 575 international stores in 50 markets, including China and Hong Kong.

In the year to August 2010 pre-tax profits tripled to £98.2m, from £27.9m in 2009, mostly from sales growth in international operations.

In 2012 Simon settled a £200m loan taken out to pay for 2007’s privatisation. In the financial year ending August 2012 the company posted an operating loss of £4m, compared to an operating profit of £60.1m in 2011; group sales also fell to £529 million. From early 2013 to February 2015, John Browett, former head of retail at Apple, was chief executive of the company before being succeeded by Paul Allen.

In February 2013 the Forum of Private Business criticised Monsoon for requiring all new suppliers to give a blanket rebate of up to 4% on all invoices as well as a further charge of up to 10% for early payment. The company returned to profitability in the following year: to August 2013 sales rose 4.3% to £552m and pre-tax profits rose to £18.1m. In the year to August 2014 group sales fell almost 8% to £509 million, with pre-tax profits at £50m; the company announced that stores would be closed.

In October 2015 Monsoon was fined £28,000 for failing to correctly calculate a deduction made from staff wages in respect of their clothing allowance, such that those staff were mistakenly paid less than the national minimum wage.

In 2016 the company reported net cash of £50m and no debt. The year to August 2017 saw a rise in online turnover but a reduction in footfall in UK stores, with sales of £424m and pre-tax losses of £10.4m; Ebitda rose 18% to £23.9 million.

Operations
Monsoon is a London-registered private limited company.

Under Allen the firm has closed 141 stores from 2016 onwards and withdrew from some international markets, including Singapore, South Korea and Venezuela.

In May 2019 Monsoon entered talks with its landlords for a company voluntary arrangement (CVA) designed to lower rents on its store estate, in return for Simon injecting £34m into the company.

Allen has reinstated separate fasciae for the Monsoon and Accessorize brands, reversing Browett's strategy of combining the two into a single store. The firm is also adding more kiosk-style outlets and concessions within department stores.

Monsoon has sued rival retailers, including Primark, for copyright infringement on its designs.

Monsoon Accessorize Trust
In 1994 Simon set up the Monsoon Accessorize Trust, a registered charity to help under-privileged women and children in Asia. Its partners include the Indian charity Seva Mandir, which works to keep girls in education and provide access to antenatal care and inoculations. The Trust also works with Sadhna, a charity that gives needle-workers access to bank accounts.

Ethical Trading
Monsoon is a member of the Ethical Trading Initiative (ETI), an alliance of companies, trade unions and voluntary organisations in support of workers in the supply chain of consumer goods.