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Monsoon Accessorize is a British
Companies House. Accessed January 2015. NB: either the company name or the company number must be manually inserted in the relevant search field. In 2018, the company reported 181 stores in the UK.
Monsoon Accessorize is a British private limited company
A private limited company is any type of business entity in Privately held company, "private" ownership used in many jurisdictions, in contrast to a Public company, publicly listed company, with some differences from country to country. Examples ...
. It operates two international retail clothing chains – Monsoon and Accessorize.Company Details: 01098034, Monsoon Accessorize LimitedCompanies House. Accessed January 2015. NB: either the company name or the company number must be manually inserted in the relevant search field. In 2018, the company reported 181 stores in the UK.
History
Monsoon was started in London in 1973 by Peter Simon, a market-stall trader, and opened its first shop inBeauchamp Place
Beauchamp Place (pronounced "Beecham Place") is a fashionable shopping street in the Knightsbridge district of London. It was known as Grove Place until 1885.
It was once better known for its brothels and lodging houses, but since the Edwardia ...
in May of that year. Archived 23 April 2006. The first Accessorize shop opened in 1984, next door to Monsoon in Covent Garden
Covent Garden is a district in London, on the eastern fringes of the West End, between St Martin's Lane and Drury Lane. It is associated with the former fruit-and-vegetable market in the central square, now a popular shopping and tourist sit ...
.
In 1994, a registered charity
A charitable organization or charity is an organization whose primary objectives are philanthropy and social well-being (e.g. educational, Religion, religious or other activities serving the public interest or common good).
The legal definitio ...
, the Monsoon Accessorize Trust, was set up to help under-privileged women and children in Asia.
The company was listed on the Stock Exchange
A stock exchange, securities exchange, or bourse is an exchange where stockbrokers and traders can buy and sell securities, such as shares of stock, bonds and other financial instruments. Stock exchanges may also provide facilities for th ...
in 1998. In 2007, Simon paid £185 million to take it private again.
In 2009, the company moved to a building designed by Allford Hall Monaghan Morris in Notting Dale. The company's collection of some 300 works of modern and contemporary art is housed there.
From early 2013 to February 2015, John Browett, former head of retail at Apple
An apple is an edible fruit produced by an apple tree (''Malus domestica''). Apple trees are cultivated worldwide and are the most widely grown species in the genus '' Malus''. The tree originated in Central Asia, where its wild ances ...
, was chief executive
A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especial ...
of the company. He was succeeded by Paul Allen, who served until August 2019, when Peter Simon and COO Nick Stowe jointly assumed the CEO role.
In the 12 months to August 2018, the company operated 181 stores in the UK. Filed accounts showed turnover of £296m, of which £62m came from overseas stores. The firm recorded a post-tax loss of £22.5m for the year.
In July 2019, a majority of Monsoon's landlords agreed to cut rents at 135 stores, following the retailer's proposed company voluntary arrangement
Under UK insolvency law an insolvent company can enter into a company voluntary arrangement (CVA). The CVA is a form of composition, similar to the personal IVA ( individual voluntary arrangement), where an insolvency procedure allows a compa ...
.
On 10 June 2020, during the COVID-19 pandemic in the United Kingdom, Monsoon Accessorize went into administration
Administration may refer to:
Management of organizations
* Management, the act of directing people towards accomplishing a goal
** Administrative Assistant, traditionally known as a Secretary, or also known as an administrative officer, administ ...
and was then bought by its founder, who planned 35 UK store closures with the loss of 545 jobs. The company also confirmed the closure of Monsoon Accessorize stores in the Republic of Ireland affecting stores in Dublin
Dublin (; , or ) is the capital and largest city of Ireland. On a bay at the mouth of the River Liffey, it is in the province of Leinster, bordered on the south by the Dublin Mountains, a part of the Wicklow Mountains range. At the 2016 ...
, Cork City
Cork ( , from , meaning 'marsh') is the second largest city in Ireland and third largest city by population on the island of Ireland. It is located in the south-west of Ireland, in the province of Munster. Following an extension to the c ...
and Kilkenny. The company planned to retain stores in Drogheda
Drogheda ( , ; , meaning "bridge at the ford") is an industrial and port town in County Louth on the east coast of Ireland, north of Dublin. It is located on the Dublin–Belfast corridor on the east coast of Ireland, mostly in County Louth ...
, Limerick
Limerick ( ; ga, Luimneach ) is a western city in Ireland situated within County Limerick. It is in the province of Munster and is located in the Mid-West which comprises part of the Southern Region. With a population of 94,192 at the 2016 ...
, Galway
Galway ( ; ga, Gaillimh, ) is a city in the West of Ireland, in the province of Connacht, which is the county town of County Galway. It lies on the River Corrib between Lough Corrib and Galway Bay, and is the sixth most populous city ...
, Sligo and Athlone for the time being.
Peter Simon bought it out of bankrupsy in late 2022
Criticism
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. In October 2015, Monsoon was at the head of a list published byHM Revenue and Customs
HM Revenue and Customs (His Majesty's Revenue and Customs, or HMRC) is a non-ministerial government department, non-ministerial Departments of the United Kingdom Government, department of the His Majesty's Government, UK Government responsible fo ...
of companies that had failed to pay the national minimum wage
The National Minimum Wage Act 1998 creates a minimum wage across the United Kingdom.. E McGaughey, ''A Casebook on Labour Law'' (Hart 2019) ch 6(1) From 1 April 2022 this was £9.50 for people age 23 and over, £9.18 for 21- to 22-year-olds, £6. ...
. Because of a policy requiring employees to wear Monsoon clothes at work, the cost of which was deducted from wages, the company had effectively underpaid 1438 of its workers in the United Kingdom by over £104,000. The company was fined more than £28,000, and began paying a clothing allowance and raised wages.
References
{{DEFAULTSORT:Monsoon Clothing retailers of the United Kingdom Clothing companies established in 1973 Retail companies established in 1973 Companies based in London 1973 establishments in the United Kingdom