LPP (company)

Summary

LPP S.A. is a Polish multinational clothing company headquartered in Gdańsk, Poland, whose activity comprises design, production and distribution of clothing.[6][7] The company owns five distinct fashion brands: Reserved (the company's flagship store), House, Cropp, Mohito and Sinsay.[8][9]

LPP Spółka Akcyjna
LPP
Company typeSpółka Akcyjna
ISINPLLPP0000011
IndustryRetail
FoundedGdańsk, Poland
(1991; 33 years ago (1991))
Headquarters,
Number of locations
2,244 (2021)[1]
Area served
Europe, Asia, Africa
Key people
Marek Piechocki
Jerzy Lubianiec
ProductsClothing, accessories
RevenueIncrease PLN 14 billion ($ 3.0 billion) (2021)[2]
Decrease PLN 1.4 billion (2021)[3]
Decrease PLN 953 million (2021)[4]
Total equityIncrease PLN 3.2 billion (2021)[5]
Number of employees
25,000
SubsidiariesReserved
House
Cropp
Mohito
Sinsay
Websitewww.lpp.com

LPP's sales network consists of more than 2,000 stores[10][11] and currently employs nearly 30,000[12] people in its offices, distribution network and stores in Europe, Asia and Africa.[8][13][14][15] In 2022, the company generated almost PLN 16 billion[16] in revenue and over PLN 1 billion[17] in profits.[18][19][20] LPP SA is listed on the Warsaw Stock Exchange[9] as a part of the WIG30 index[21][22][23] and belongs to the MSCI Poland index.[24]

History edit

 
Company headquarters, Gdansk

1991-2000 edit

In 1991, Marek Piechocki and Jerzy Lubianiec, the founders of the company, started their business activities in the clothing industry in Gdańsk. After four years, the company initially operating under the name of PH Mistral s.c. was transformed into LPP (abbreviation of the surnames of its founders - Lubianiec, Piechocki and Partners). In 1997, the office in Shanghai was officially opened. In the late 1990s, the owners of LPP decided to create their first  brand - Reserved - and build their own retail network. The first store of the brand was opened in 1998.[25][26]

2001-2013 edit

In 2001, LPP made its début on the Warsaw Stock Exchange.[9][27] The next two years saw the expansion of Reserved brand to the markets of Central and Eastern Europe.[28] In 2002, the company stores were opened in Russia, Estonia, the Czech Republic, Latvia, and Hungary, and in 2003 in Lithuania, Ukraine and Slovakia. The company expanded its portfolio and opened a Cropp store in Poland in 2004.[29] In the following years the brand was launched in Estonia, Slovakia, and Latvia (2005) as well as in Lithuania, Russia, and the Czech Republic (2006). The years 2007 - 2008 were the period of development of activity on the Romanian and Bulgarian markets.[30] In 2008, LPP opened its Distribution Centre in Pruszcz Gdański.[31] In the same year, LPP took over a Cracow-based company - Artman - owner of House and Mohito brands. Owing to this transaction, LPP became the largest clothing company in Poland and the owner of four brands. In 2013,[32] the company's portfolio was expanded by Sinsay brand.[25]

2014-2019 edit

In 2014, the company was included in the WIG20 index, and the flagship brand - Reserved - appeared on the German market.[20][33] In the same year, all LPP products made their debut in Croatia. In the following year, the company expanded into the Middle East.[26] At the end of 2017, the LPP sales network comprised more than 1,700 stores with a total area of 1 million square metres.[34][35] In 2017, the LPP product office was opened in Warsaw, and Reserved, Cropp and House brands made their débuts in Belarus and Serbia.[26] In 2017 LPP opened a Reserved store on Oxford Street in London.[36] 2018 saw further debuts of LPP stores on new markets, including in Israel, Kazakhstan, and Slovenia.[37][38][39] In 2019 the Company opened first stores in Bosnia and Herzegovina[40][41] and Finland.[42]

Since 2020 edit

In 2020, the company underwent an accelerated digital transformation in response to the restrictions on stationary trade caused by the COVID-19 pandemic, thereby transforming itself into an omnichannel organisation.[43] The distinction between online and stationary sales was removed, and both channels have been treated as a customer-centric whole.[44] A year later, with the stabilisation of the market, LPP returned to its policy of foreign expansion and, strengthening its position in South-Eastern Europe, opened the first stores of all its brands in North Macedonia.[45] Two years later, following the Russian aggression against Ukraine, LPP took the key decision to cease operations in Russia altogether and sell the subsidiary to a Chinese consortium.[46] As a result of the loss of its second-largest market, the company adopted a new development strategy, which involves further expansion in the central, southern and western parts of Europe and increased sales volumes in the e-commerce channel.[47] In 2022, LPP opened Sinsay stationary stores in Italy, and with the beginning of the following year – in  Greece.[48][49]

In the fall of 2023, Reserved debuted in Milan,[50] and also expanded brand’s retail network in the UK,[51] opening new stationary stores in London.[52]

Alleged closing of business operations in Russia edit

On 4 March 2022, LPP suspended all of its business activities on the Russian market alongside many other global companies as a response to the 2022 Russian invasion of Ukraine.[53] As of 2022, Russia remained the second biggest market for the company with approximately 500 stores and a distribution centre located in Russia.[54] On 28 April 2022, LPP sold its Russian subsidiary to a "Chinese consortium" and closed their 20-year presence on said market.[55][56]

However, on 16 March 2024, Hindenburg Research, an American short-selling research firm, published an extensive report detailing how they had not sold their Russian subsidiary, but continued to mask operate in Russia using front entities. During this period, LLP's primary loan and finance agreements were with PKO Bank Polski, Poland's largest bank. LLP might have been in breach of loan agreements, since bank stated that they do not finance entities operating in Russia or in cooperation with Russian contractors.[57][58]

LLP's stock price tanked around 35% after the publication of the report.[59]

Stores and distribution centres edit

 
A Reserved store in Germany

LPP’s global sourcing network is based on three distribution centres, dedicated to servicing over 2,000 stores worldwide, as well as Fulfillment Centres, supporting the company’s online sales.[14][60] All logistics processes are designed and managed by LPP Logistics – a logistics operator belonging to the LPP Group.[61]

The company’s first distribution centre in Pruszcz Gdański was launched in 2008. It has since undergone modernisation and several expansions.[62] In 2017, LPP began shipping from its newly opened FC in Stryków near Łódź.[63][64][65] As a result of the rapid growth of e-commerce, in 2019 the company opened another warehouse to handle online orders in Romania,[66][67] and a year later signed a contract to lease warehouse space in Slovakia.[68][69] Further demand for the expansion of logistics facilities resulted in launch of further Fulfillment Centres in Pruszcz Gdański[70][71] and Podkarpacie in 2022.[72][73][74] In the same period, the Group’s second distribution centre, Brześć Kujawski DC, became operational.[75] At the end of 2022, the total warehouse space of all facilities managed by LPP Logistics amounted to over 400,000m².[76]

Production edit

LPP does not operate its own factories. The clothing of the Group's brands is produced mainly in Asia, but also in Poland and other European countries, including Italy, Portugal, Romania, Bulgaria, and Turkey.[77][78] Since 1997, the company has had an office in Shanghai, and since 2015 also in the capital of Bangladesh - Dhaka.[79]

Presence on the Warsaw Stock Exchange edit

LPP SA has been listed on the Warsaw Stock Exchange since 2001. At the time of its début, the price per share was PLN 48. In 2014, LPP was included in the WIG20 index of the 20 largest companies listed on the Warsaw Stock Exchange. In the same year, LPP was included in the MSCI index.[21][24]

Shareholding structure edit

According to the company's own data, the number of votes at the General Meeting of Shareholders is as follows:[80]

  • Semper Simul Foundation – 60,8%
  • Sky Foundation – 5,7%
  • Others – 33,5%

In order to ensure its long-term continuity and avoid the fragmentation of LPP capital in the future, the founders of the company decided in 2018 to establish a foundation and contribute their shares there.[81] In 2020, the Semper Simul Foundation, which is the majority shareholder of the company, took over the controlling stake of LPP in order to provide stable management of the family business and the implementation of its strategy.[82]

Selected awards and distinctions edit

  • 2001: Puls Biznesu award — Gazele Biznesu [Business Gazelles] for LPP as one of the most dynamically developing companies
  • 2002: Gazeta Giełdy Parkiet award — Najlepiej Zarządzana Spółka Giełdowa [Best Managed Listed Company]
  • 2003: Economic Award of the President of the Republic of Poland — Najlepsze Polskie Przedsiębiorstwo [Best Polish Enterprise]
  • 2004: Dziennik Rzeczpospolita award — Orzeł Rzeczpospolitej [Eagle of the Republic of Poland]
  • 2004: Central & Eastern European Retailer of the Year
  • 2008: Dziennik Rzeczpospolita award — Orzeł Rzeczpospolitej [Eagle of the Republic of Poland]
  • 2008: Puls Biznesu award — Filary Polskiej Gospodarki [Polish Economy Pillars]
  • 2008: Dziennik Rzeczpospolita award — Ranking Najcenniejszych Polskich Marek [Most Valuable Polish Brands]
  • 2009: Puls Biznesu Award — Giełdowa Spółka Roku — Relacje Inwestorskie [Listed Company of the Year — Investor Relations]
  • 2011: Puls Biznesu Award — Giełdowa Spółka Roku [Listed Company of the Year] 1st place in the main ranking, “Kompetencje Zarządu” [“Competence of the Board”] category, “Sukces w 2011 roku” [“Success in 2011”] category[83]
  • 2012: Gazeta Giełdy Parkiet award — Spółka Roku mWig40 [mWIG40 Company of the Year]
  • 2013: Forbes magazine award – Diamenty [Diamonds][84]
  • 2013: Dziennik Rzeczpospolita award — Dobra Firma [Good Company]
  • 2014: The Polish Agency for Enterprise Development PARP award — Pracodawca Jutra [Employer of Tomorrow][85]
  • 2015: Gazeta Giełda Parkiet award — ranking of companies with the best investor relations — 1st place
  • 2015: American Forbes magazine award — “Most Innovative Growth Companies”[86]
  • 2016: Budowa Roku 2015 [Construction of the Year 2015] — the competition is organized by the Ministry of Construction, the Polish Association of Construction Engineers and Technicians and the Main Office for Construction Supervision[87]
  • 2016: Award of the decade — “Rzeczpospolita” and Deloitte's ranking[88]
  • 2017: Wprost magazine Ranking 200 Największych Polskich Firm 2017 [Ranking of 200 Biggest Polish Companies 2017][89]
  • 2017: Forbes magazine award
  • 2017: Polska Firma — Międzynarodowy Czempion [Polish Company — International Champion], distinction in the category: Eksporter: Polska Firma Prywatna — duże przedsiębiorstwo [Exporter —Polish Private Company—Large enterprise][90]
  • 2018: Dziennik Rzeczpospolita award — Ranking Najcenniejszych Polskich Marek [Most Valuable Polish Brands]: 1st place Reserved, 3rd place House, 4th place Cropp[91]
  • 2018: 3rd place in Research on investor relations in WIG30 companies according to institutional investors[92]
  • 2019: Narodowy Sukces [National Success] — During the Congress 590, one of the largest cyclical economic events in Poland, at the gala of Economic Awards of the President of the Republic of Poland, the company received an award in the National Success category.[93]
  • 2020: Digital Excellence competition, recognizing companies making digital transformations, LPP was awarded the Digital Excellence award in the Digital Capabilities category.[94]
  • 2020: Eagle of Innovation - award of the Rzeczpospolita daily.[95]
  • 2020: Green Eagle - the award of the Rzeczpospolita daily[96]
  • 2021: The title of Climate Aware Company in the 3rd edition of the study by the Stock Exchange Issuers Association Reporting Standards Foundation and Bureau Veritas Polska[97][98]
  • 2021:CSR Silver Leaf – an award granted by the editors of the Polityka weekly[99]
  • 2021:Second place in the general classification of the best WIG20 and mWIG40 listed companies reporting on climate issues: “Climate Strategy Benchmark”[100]
  • 2021:Title of Best Office in the Tri-City and distinction in the “Innovation and Technology” category in the Office Superstar competition - awards granted by CBRE[101]
  • 2021:Puls Biznesu Award – Listed Company of the Year[102]
  • 2021: The best wig20 index company in the bulls and bears competition[103]
  • 2022: CSR Golden Leaf - an award granted by editors of the Polityka weekly[104]
  • 2022: CSR Green Leaf - awarded for the first time by Polityka weekly for implementing solutions with a positive impact on the environment[105][106]
  • 2022: Third place in the “Most important companies for Poland” ranking - an award granted by Rzeczpospolita daily[107]
  • 2022: Best New Warehouse of the Year in Central and Eastern Europe – award presented by Eurocee, publisher of Eurobuild CEE monthly, in the 12th Edition of the CEE Region Eurobuild Awards[108]
  • 2022: Best Exporter and Best Employer – titles awarded by Dziennik Bałtycki in the “TOP 100 Pomerania” ranking[109]
  • 2023: Investor Relations Leader – first place in the survey of investor relations in WIG30 companies conducted by “Parkiet” and the Chamber of Brokerage Houses[110]
  • 2023: Best app in m-commerce – award for Sinsay app in the Mobile Trends Awards[111]
  • 2023: MTA Grand Prize – the title for the best design of the year awarded at the Mobile Trends Awards[111]
  • 2023: Investor Without Borders – award given by the economic portal WNP.pl and “Nowy Przemysł” magazine for a bold and effective foreign expansion strategy[112]
  • 2023: ESG Eagles – awarded by Rzeczpospolita daily for skilfully overcoming crisis situations, technological, logistical, and sales transformation[112]
  • 2023: Golden CSR Leaf – award given by Polityka weekly for all the activities carried out from an environmental, social and corporate governance perspective[113]
  • 2023: Green CSR Leaf – an award given by Polityka weekly in recognition of reducing the company’s negative impact on the climate[113]

Production in Asia, supply chain control and ACCORD agreement edit

Since 2013, LPP has been systematically working on the implementation of standards for improving safety and working conditions in the clothing industry in Asia. Since 2014, a Code of Conduct[114] has been in force for all suppliers working with LPP. The document takes into account the key provisions of the International Labour Organization conventions and the Universal Declaration of Human Rights and sets out the requirements for suppliers, including, among others, wage policy, prohibition of child labour, voluntary nature of work, freedom of association, occupational health and safety principles. In order to increase supervision over the factories producing for LPP in Bangladesh, in addition to controlling its own inspectors, the company decided to commission an international auditor, SGS, to verify the actual compliance of suppliers in Bangladesh with the Code of Conduct.[115]

In addition, in October 2013, LPP, as the only Polish clothing company, joined the ACCORD Agreement aimed at improving safety in clothing factories in Bangladesh (Accord on Fire and Building Safety in Bangladesh).[116] Thanks to the cooperation and financial support of the signatories of the agreement, a total of more than 1600 Asian production plants and sewing plants were subject to inspection. ACCORD also contributed to the implementation of recovery programmes in more than 90% of the factories (as at the end of 2017). As part of the “Safety Committee Training” programme, one of the key projects of the agreement, by the end of 2017, 882 training courses were conducted in which nearly 1.2 million employees participated.[citation needed]

At the beginning of 2018, LPP signed another 3-year extension of the agreement, the so-called “Transition ACCORD”.[117] Its main objective is to prepare the Bengali government to carry out independent inspections and audits in the factories and to ensure further implementation of measures aimed at sustainable improvement of working conditions. As of 1 September 2021, a new initiative - called the International Accord for Health and Safety in the Textile and Garment Industry (International Accord for short) - was established to replace the existing ACCORD initiative. Its aim is to continue and expand the joint efforts of the signatories of the agreement together with trade unions to ensure safety in garment factories.[118]

In 2022, the company joined amfori BSCI,[119] a global initiator of sustainable production and trade activities. This membership will enable LPP to better verify and monitor ethical, labour and environmental issues in collaborating factories.[17]

A year later, in turn, LPP was the only Polish company to become a signatory to Accord Pakistan (The Pakistan Accord on Health and Safety in the Textile and Garment Industry), which aims to control working and safety conditions in supply chains involving suppliers from Pakistan.[120]

LPP as a tax payer edit

According to a report by the Ministry of Finance, in 2018, LPP was ranked third among the largest CIT payers in Poland in the commercial sector.

Year Revenues (PLN bn) Income (PLN mn) CIT (PLN mn)[121]
2021 12 1959 355,3
2020 6,5 219 41
2019 8.2 850 108
2018 6.9 1044 144.8
2017 6.1 536 41
2016 5.2 243 6
2015 4.8 419 44
2014 4.4 622 86
2013 3.8 542 87
2012 3 393 57

Since 2016, the company has paid a total of PLN 7.6[120] bn[122][14] to the state budget for taxes and other tributes, while its contribution to the Polish budget in 2022 alone amounted to nearly 1.7[123] bn.[14][13][124][125]

Charitable activity edit

In December 2017, the company established the LPP Foundation. The aim of its activities is to support people threatened by social exclusion, help people in difficult life situations and ensure health protection.[126]

Environment policy edit

Selected activities of LPP related to environmental protection:

  • 2014: Discontinuation of the use of angora in garment production.[127]
  • 2016: Conclusion of an agreement with Open Cages and abandonment of the use of natural fur in garment production.[128]
  • 2017: Adoption of a new policy on online order packaging – recycled cardboard boxes in Reserved and Mohito brands. Simultaneous abandonment of single-use plastics in shipments for Cropp, House, and Sinsay.[129][130]
  • 2018: Introduction of the Eco Aware line consisting of more environmentally friendly materials (organic cotton, Tencel, Lyocel, EcoVero, certified linen) in collection of the LPP's brands.[131]
  • 2018: Launching a used garments collection programme and donating the clothing to the homeless as part of activities combining aid with care for the environment and giving second life to textiles.[132][133]
  • 2019: Joining the New Plastics Economy Global Commitment and committing to eliminate plastic packaging that is no longer usable, recyclable or compostable by 2025.[134][135]
  • 2019: Announcement of the new Sustainable Development Strategy "For People for Our Planet" for 2020–2025.[136]
  • 2020: Initiating a program in stationary stores aimed at increasing their energy efficiency and reducing environmental footprint.[137]
  • 2020: Accession to the Polish Plastic Pact.[138]
  • 2020: Joining the Zero Discharge Hazardous Chemicals global initiative for chemical safety in the clothing industry.[139]
  • 2021: Joining the international organisation Canopy, which aims to develop best practices for the conservation of forest resources by implementing changes in the purchasing, packaging and production of pulp fabrics.[140][141][142]
  • 2021: Joining the Cotton made in Africa initiative which promotes sustainable cotton production and support for African farmers.[143][144]
  • 2022: As the first Polish company, joining the Science Based Targets Initiative (SBTi) supporting private companies in developing and implementing decarbonisation strategies.[145]
  • 2022: Establishment of a partnership with Use Waste, a Polish startup, to develop an innovative method of fully recycling polyester fabrics.[146]
  • 2022: Establishing a partnership with amfori BSCI – an initiative supporting the transparent management of ethical and human rights issues in the supply chain.[119]
  • 2023: Validation of decarbonisation plans, developed by LPP experts, by Science Based Targets initiative (SBTi).[147]

Since 2017, the company has been reporting regularly on its sustainability activities in the form of reports available at https://www.lppsa.com/zrownowazony-rozwoj/raport-roczny. Gradual reduction of its carbon footprint has been adopted as one of the main objectives of its sustainability-oriented activities. To this end, the company calculated its CO2 emissions independently in 2021, taking into account all three scopes and categories defined in the GHG Protocol.[148][149]

In 2021, LPP adapted its organisational structure by creating the position of Director of Purchasing and ESG.[14] The role’s responsibilities comprise planning and coordinating the implementation of responsible business standards within LPP Group, developing and implementing guidelines in all three ESG pillars: environmental, social and corporate governance.[150][151]

See also edit

References edit

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External links edit

  • Official website