Yahoo Finance Lack of social events hits demand for party wear at fashion firm Quiz
Fashion retailer Quiz on Tuesday showed how store closures and a lack of demand for party wear has hit sales.
The firm, which has worked with Love Island contestants Joanna Chimonides and Kady McDermott on a clothing line, is among retailers that had to temporarily shut shops at various points during 2020 for lockdowns.
Quiz recorded a 73% drop in revenues to £17.2 million in the six months to September 30.
It made a underlying loss of £3.4 million, compared to a profit of £6.3 million a year earlier.
The firm also suffered due to less demand for occasionwear, as weddings were called off and clubs and bars closed at various points.
Chief executive Tarak Ramzan said: “Whilst we continue to rebalance our product offering towards more casual clothing reflecting near term customer demand, given our focus on occasion wear, demand for our products has been impacted significantly by the pandemic. “
But he added the firm is “highly confident that demand for the brand's trademark occasion wear will recover when restrictions on social events are eased”.
The retailer underwent a store restructuring last year that resulted in lower rental costs and more flexible leases. It had 55 UK shops as at September.
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