LPP to launch new clothing brand

Polish fashion retailer LPP is planning to launch a new clothing brand in Q1 2016, Przemysław Lutkiewicz, CEO of the company announced during a press conference. “We are working hard to launch our sixth brand in Q1 2016. The outlets will be opened in major cities. The brand is aimed at more affluent, more demanding clients,” Lutkiewicz said. A significant part of the production will be based in Poland and Turkey. The company also informed on Thursday that its consolidated net profits amounted to PLN 479.7 million in 2014, compared with PLN 430,96 million in 2013. Revenues stood at 4.769 billion in 2014, versus PLN 4.116 billion in the previous year. The company plans to spend as much as PLN 400 million for investments in 2015. In the coming months, LPP is to make a decision whether to cease expansion in Ukraine and Russia, due to the geopolitical situation. LPP is a Gdańsk-based fashion company, whose brands include: Reserved, CroppTown, Reserved Kids, House, Mohito and Sinsay. It has more than 3,000 stores in Poland and abroad.