Upper Street Acquires US Market by Buying Out Competitor
Earlier this year Upper Street received an investment, which allowed the business to raise 750,000 pounds in capital to grow its business and go forth with the acquisition of Milk & Honey. The ‘invasion’ into America’s online footwear market took 6 months to complete, which resulted in the UK company being able to pay out the American company for an undisclosed amount. Upper Street now have a customer base that is bigger than ever, with their loyalty base doubling, extending their social media following exponentially.
Co-founder of Upper Street confirmed their success with a public statement, “The luxury footwear market is worth £87 billion but for those women who want individuality to reflect their style there is very little choice. Upper Street is growing as a brand and the acquisition of Milk & Honey shoes was a natural progression for us into the US market.”
With plans of Upper Street becoming a house hold name, the UK based company has crafted unique features into the design process of their shoes in hopes of conquering the market. Giving customers the option to add their own personal touch to their shoes, ranging from £195-£350 for a pair, customers are able to define the colour, material, heel height and width of their dream shoes.
The rivalry between Upper Street and Milk & Honey began not because of the differences between the stores, but the similarities. Not only do Upper Street and Milk & Honey share the same market, but they were very similar; both were founded by two sisters, specialising in made-to-order luxury footwear. The Milk & Honey sisters; Dorain and Ilissa Howard launched their business shortly after Upper Street had embarked, since then both companies have expanded to reach a global audience and customer base.
However the Howard sisters’ passion for shoes slowly subsided as their attention turned to their other company, a hosiery brand, Wade and Belle, paying full attention to their new business Upper Street slipped in to steal the price. One of the Upper Street sister, Julia Grinham states, ‘’they had lost appetite for the business and didn’t want to take it forward,’’. The perfect opportunity this allowed Upper Street to pounce and continue to expand their footwear business to the US with a headstart of exisiting clientèle and a positive business image. She continues to explain, ‘’we always keep our competitors close and knew them well, so when the opportunity came to buy it (Milk and Honey) we jumped at it.’’
Co-founder Julia Grinham is overwhelming thrilled about the new conquest, ’’We’re (Upper Street) extremely excited to be taking on Milk & honey’s existing loyal following as we continue to build our luxury design your own shoe brand globally.’’
Upper Street already has major plans for their new clientèle, including the introduction of new shoe shapes, new styles and materials on top of the launch of an updated website, featuring a brand-new innovative mobile optimised 3D shoe design tool. As-well as preparing for the opening of Upper Streets first store just off Oxford St in London’s West End. The store will include personal shoe consultation, to ensure customers get the perfect shoe for their feet.
The store is set for an Autumn launch.
Words Dana Rutner