Gift and card shop retailer Paperchase wins big US order

Fashionable gifts and card retailer Paperchase has agreed a deal to supply products to American retail giant Target.

Target, which has 1,800 discount stores across the US, will begin selling Paperchase products from next month.

It marks a return to America for Paperchase after the collapse of its former parent, books and music chain Borders.

Timothy Melgund, chief executive and part owner of Paperchase, said: ‘When Borders collapsed, we left behind a lot of customers in the US and we always said we wanted to go back there.

‘Then Target came along and we fit with their strategy of working with like-minded companies that can add that little bit of difference.’

Paperchase’s turnover for 2011 increased nine per cent to £77.6million. Profit increased 29 per cent to £846,000.

This week it will also launch in Paris department store Galeries Lafayette.

By Christmas it will have 95 standalone stores in the UK.

The chain was bought by Borders in 2004, but it was sold to majority shareholder Primary Capital in 2010 for £20million to help to pay off debts.

Borders finally collapsed last year.

Melgrund said: ‘We have now emerged from the Borders legacy and, despite the widely accepted challenging retail market, Paperchase is performing well.’

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