29 September 2022

Joules Group Plc

("Joules", the "Group", or the "Company")

Response to media reporting

Joules, the premium British lifestyle group, provides a statement in response to recent media reporting.

Joules confirms that its new leadership team, led by Jonathon Brown and supported by Tom Joule in an executive capacity as Product Director, is making good progress in developing its turnaround plan which focuses on driving higher profitability including through: a better pricing and promotional strategy; focusing on more profitable product categories with shorter time to market; and optimising the Group's channel mix. The Company continues to make good progress on its simplification agenda and cost management process. Interpath Advisory is assisting the Board with an initial assessment of certain elements as part of the development of this turnaround plan.

As previously announced on 13 September, the Group continues to assess its ongoing financing requirements, including a possible equity raise, to allow the Company to strengthen its balance sheet. KPMG continues to support the Group on its medium-term funding.

The Group's outlook for the full year remains unchanged.

Joules intends to announce its results for the year ended 31 May 2022 in November.

Enquiries:

Joules - a premium lifestyle group with an authentic British heritage

Joules is a premium lifestyle brand and group with an authentic heritage and values of family, fun and joy in the countryside.

Joules creates and curates exceptional products that brighten the lives of its customers, delivered through leading digital platforms and supported by enticing experiences and stores that are located in desirable locations relevant to the Joules customer's lifestyle. 

The Joules story began in 1989, when Tom Joule started selling clothing on a stand at a country show in Leicestershire. Today, the business designs and sells Joules-branded clothing, footwear and accessories for women, men and children as well as collections of homeware, toiletries, lifestyle and pet product ranges that are carefully designed and developed through selected licensing partnerships. Each collection comprises Joules' distinctive use of humour, colour and unique prints, each of which is hand-drawn by the brand's talented in-house print design team at its headquarters in Market Harborough, Leicestershire.

In 2021, Joules acquired leading digital home and garden retailer The Garden Trading Company, strengthening its position in the important and fast-growing home, garden & outdoor category. Similarly inspired by the British countryside, Garden Trading designs and sells distinctive products through its own e-commerce platform and many wholesale partnerships across the UK.

Joules' distinctive design-led products are complemented by an increasingly broad customer offer provided through its digital marketplace 'Friends of Joules' that enables third-party brands to offer curated, complementary products to the Joules customer base, enhancing Joules' digital platform with thousands of products from hundreds of creative businesses to give customers everything they could ever need for a contemporary country lifestyle.

The Joules group caters to its more than 2 million active customers through its own digital platforms, its retail stores in the UK and at country shows and events. Joules extends its brand reach through well-established third-party relationships - concessions, online marketplaces, and traditional wholesale.

www.joules.com                                                  

www.gardentrading.co.uk                                 

www.joulesgroup.com