CASHMERE clothing firm Hawico is to open shops in Paris, New York and Florida in the next stage of a luxury retail expansion.
The Borders-based firm said the move will boost the portfolio which already counts stores in Switzerland, Italy and Germany with a presence also in Japan and it is backed by a seven-figure bank funding package.
The family-owned manufacturing and retail company which also sells its designs in luxury clothing boutiques in North America, Europe and Asia will use the funding from HSBC UK for retail units in its target locations, including Paris and New York, as they become available.
Read more: Global trade after Brexit: Say hello wave goodbye?
Originally solely a high-end manufacturer supplying stores such as Harrods, Jenners and Harvey Nichols, which it still supplies, the UK stores include one in Edinburgh, Gleneagles Hotel, Turnberry Hotel, Harrogate and London.
Its Grassmarket shop has also shrugged off lower-level competition from "tartan tat" stores in the Scottish capital to retain a strong presence.
Jim Thomson, Hawico chairman, said the firm's growth plan is targeting specific luxury locations around the world as the existing shops continue to performing well.
Read more: Tourism is now the lifeblood of many businesses
He said: "In Switzerland there’s one Zurich, there’s St Moritz there’s Geneva and another one opening in Zurich.
"We have Milan as of this year, in Germany we have Baden-Baden which is a luxury tourist place as well. In Japan there is a couple in Tokyo in department stores.
"The Edinburgh store has there a long time and it is very successful just now, which is interesting because you have the Royal Mile tourist tat but we seem to have developed a niche down there for luxury."
He said: "We sell to a lot of people in the States but we have to move into New York and probably Florida and that is what we actively looking for just now.
"Paris, we are in discussions with people.
"We’ve got very active discussions taking place in Japan with very serious people. We’re already in Japan but this would be a big hike up."
Read more: Former Hogmanay chief slams 'tartanising' of streets
The company said it will also draw on the bank’s support to complete renovations at its original Hawick store and engage in new marketing initiatives.
Hawico, previously called Hawick Cashmere Company, was founded by business partners, Mr Thomson and David Sanderson, in 1991 when they purchased a manufacturing site that dates back to the late nineteenth century.
The two families have stayed heavily involved in managing the operation.
Mr Thomson said: "The company was started in 1874, it was a wholesale manufacturer as all these mills were, manufacturing for other retailers, so the brand was sold to Harrods and Jenners and was being exported.
"In the last couple of years we have moved it more to a retail business, although we still supply people like Harrods and Harvey Nichols and other department stores."
Ewan Thomson, director at Hawico and Jim's son, said the firm's future "lies in the international expansion of the business" and the banking link will "support that ambition".
He said: "Our new relationship with HSBC means we are in the best position to act when the right spaces become available.”
Nigel Kerr, of HSBC UK in Scotland, said: “Hawico already operates 14 stores in five countries and has seen consistent demand for its luxury goods, which is encouraging in a challenging sector.
"We’re pleased to lend support to a successful Scottish brand as it pursues growth in new markets.”
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules here