Victory Corporation has cut back its store opening programme. The holding company for Virgin-branded cosmetics and clothes had planned to open 14 stores this year.
The stores would have sold its cosmetics range Virgin Vie but now plans to add only three more to the existing six. Store sites have proved expensive and customers have seemed reluctant to enter them.
Victory now plans to step up sales and marketing expenditure instead. Victory’s pre-tax losses increased from £3.7m to £9.7m in the year to March 31.
Financial Times 25/06/98 page 26
The Daily Telegraph 25/06/98 page 38
The Times 25/06/98 page 31
The Independent 25/06/98 page 21
The Guardian 25/06/98 page 23
