The Cambridge Satchel Company has become one of the most successful retail start-ups in the UK of recent years. Established in 2008 by Julie Deane, the brand’s profile has risen dramatically and its profits have now risen high enough to allow for a flagship opening in one of London’s most desirable retail destinations.
Thanks to a £12 million sum being raised due to the backing of Index Ventures, the Cambridge Satchel Company will soon take up a six storey flagship store on Covent Garden’s James Street. Only a stone’s throw from its existing store in Shorts Garden, the new flagship will feature the brand’s full collection including items from the wildly popular “Fluoros” line.
Although the satchel brand has become something of a cult favourite in recent years, having attracted the custom of celebrities including Alexa Chung, it is only last year that it truly began to expand offline.
The Shorts Garden outlet, for example, began life as a pop-up shop and only relatively recently became established as a permanent store, whilst the brand’s only other existing store is located in Rose Crescent in Cambridge.
A company spokesperson said; “The shop opening is a real landmark in the company’s history, and we’re thrilled to be setting up a home away from home in Seven Dials.
“The shop is a unique space and we’re planning lots of exciting events for our customers.”
While the brand operates a number of concessions across the globe, with notable department store affiliations including Harrods and Saks Fifth Avenue in New York, it is believed that founder Ms Deane is now examining options for standalone stores both in the UK and overseas.
This is something of an abrupt change to the company’s traditional marketing strategy, which largely focused upon selling through its own website and ASOS, making the Cambridge Satchel Company the latest in a strong of retailers seemingly choosing to return to the high street.
At present, the Cambridge Satchel Company sells an average of 3,500 bags per week worldwide and enjoyed a strong total sales figure of £13 million during the last financial year. With an average turnover of around £15 million per year, this is certainly something of an achievement given that the company’s initial starting budget was only £600.
The James Street flagship is owned by Lothbury Investment which was advised by Matt Hyland of Cushman and Wakefield during lease negotiations.
Mr Hyland says; “It [the Cambridge Satchel Company] has been trading successfully in Covent Garden and that’s why they’ve chosen the area as the location for their new flagship.”
With traditional London retail hotspots such as Regent Street seeing rental values skyrocketing, many retailers are seeking alternative up and coming areas in which to establish their London bases. Hopefully, this new flagship will draw consumers to Covent Garden and further increase the appeal of this thriving area.
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