According to The Australian Financial Review, one Australian retailer bucking the trend is Forever New, a Melbourne-based fast-fashion brand established 13 years ago by Dipendra Goenka with the backing of one of the UK's most successful apparel retailers, New Look founder Tom Singh.
After opening its first overseas store 10 years ago, Forever New now has more than 200 stores overseas and 86 in Australia.
Sales from brick and mortar stores in countries such as Canada, Singapore, China, India, South Africa and New Zealand, concessions in Bloomingdales, Robinsons in Singapore and Debenham's in the Middle East, and revenues from dedicated online stores and marketplaces now account for 40 per cent of total sales of $300 million.
Mr Goenka is aiming to increase annual sales to $500 million in three to five years and believes overseas sales will soon overtake domestic sales as the group opens stores and concessions and expands its online reach.
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