Hackett London store
29 Oct. 2012
Hackett London announces continued growth plansHackett London has presented its Annual Report and Financial Statements to the UK’s Companies House, for the year ending March, 31, showing a strong annual performance growing both turnover and profit as it continues to build its global presence.
These results cover Hackett Limited only (UK and Ireland retail, wholesale sales and global inter-company sales). Turnover increased 27% to £96.0m from £75.6m in the prior year whilst pre-tax/interest profit increased to £6.2m from £4.9m. Hackett London does not publish consolidated figures but the total Hackett turnover worldwide is €133m up from €107m last year.
The strong business results are attributed to a good retail performance at +15%, especially strong in the first half of the year, with positive like for likes during the year including a strong Christmas trading period. This was combined with a very strong wholesale performance which saw wholesale turnover increase by over 31%.
UK retail sales were boosted by full year trading of stores opened in the previous financial year which were the Hackett concession in Heathrow Terminal 4 and the relocated Canary Wharf store.
Wholesale expansion has been driven by a whole year’s trading in new territories, notably the Middle East. This has been combined with sustained growth in existing regions, in particular France, Germany, Switzerland and Spain. Controlled retail in the form of franchises and shop in shops also contributed to this performance.
Looking forward Hackett aims to maximise the positioning of the brand and to continue global expansion especially in the Far East. Retail expansion will also continue across mainland Europe. In the UK, the refurbishment of two iconic Hackett stores, the flagship store on Sloane Street and Covent Garden, will help raise the brand’s profile aided by a new concept store in the Spitalfields area of London.
To help achieve the potential of the brand overseas, Hackett will continue to seek business partners in the more challenging markets to bring local expertise and knowledge. Confirmed new territory openings in the next financial year with franchise partners include China, Malaysia and India.
Hackett London is part of Pepe Jeans SL, sitting alongside Pepe Jeans, 2812, Andy Warhol. Hackett also has a joint venture with Coach in the UK, Ireland, Spain, Portugal, France and Germany.
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