Next (clothing)

Next plc (styled as NEXT) is a British multinational clothing, footwear and home products retailer, which has its headquarters in Enderby, England. It has around 700 stores, of which circa 500 are in the United Kingdom, and circa 200 across Europe, Asia and the Middle East. Next is the largest clothing retailer by sales in the United Kingdom, having overtaken Marks & Spencer in early 2012 and 2014. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

History

Hepworth

The company was founded by Joseph Hepworth in Leeds in 1864 as a tailor under the name of Joseph Hepworth & Son. Initially Hepworth was in partnership with James Rhodes, but the partnership was dissolved in 1872.

On his own, Hepworth expanded the company rapidly, becoming a pioneer of the development of chain stores in Britain. By 1884 the company had 100 outlets.

For much of its history Hepworth was predominantly in the ready-to-wear suit market. In 1963, the company brought in the celebrated Savile Row designer Hardy Amies to help revitalise its ready-to-wear suit collection.

Kendall's and Next

In 1981, the company bought womenswear retailer Kendall and Sons for £1.75 million from the retail conglomerate Combined English Stores. This gave Hepworth over 600 shops in British high streets.

The intention was to redevelop Kendall's stores as a womenswear chain of shops to complement Hepworth as a chain of menswear stores. Designer Terence Conran was Chairman of Hepworth at that time, and recruited George Davies to work at Kendall's. However, Davies's concept was to create a new chain, called Next, initially by converting Kendall's stores. The first Next shops opened on 12 February 1982, with the Kendall's conversion complete by the end of 1983.

Appointed chief executive in 1984, Davies then converted 50 Hepworth stores to the Next format, extending the range to cover menswear. This allowed the development of mini department stores selling women's and men's clothes. This was added to by the introduction of Next interiors to stores which were deemed in the "right demographical areas." In 1986, Davies moved the group's headquarters from Leeds to Leicester, to be closer to the main garment manufacturers, and the company name was changed to Next plc.

In 1987, the group acquired Combined English Stores and the Grattan catalogue company. Extending first to introduce Next childrenswear, Davies then introduced the Next Directory.

By 1988, "after seven years of growth, Next had over-expanded suicidally" .. "some stores were not bringing in enough to pay the rent." Davies was sacked and the share price fell to 7p. Chairman Sir David Jones accused Davies of being egotistical and taking Next to the verge of bankruptcy.

In October 1988, Next sold 433 jewellery stores in the United Kingdom, which principally traded under the Salisburys and Zales brands, to the Ratners Group for US$232 million.

The company bought the youth brand Lipsy in 2008. In autumn 2009, Next launched an online catalogue for the United States offering clothing, shoes and accessories for women, men and children.

Next's prices in Ireland attracted criticism in 2009 when the company was one of four retailers accused of failing to pass on exchange rate savings to shoppers in the Republic.

In July 2010, a BBC
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