E-commerce and wholesale help to lift revenues at Aspinal of London
Luxury handbag maker Aspinal has announced a 7% increase in revenue to £31.4m despite the exceptionally challenging trading conditions in the UK.
During the year ended 31 March 2018 the brand opened a new flagship store on Regent Street and a travel retail site in London City Airport. These openings replaced existing non-performing spaces, allowing the brand to perform ahead of the market and maintain retail revenue despite a reduction in footfall and consumer confidence, it announced in a financial statement released this week.
But it was Aspinal’s e-commerce, wholesale and franchise channels which helped the retailer post a good performance for the year. Continued investment in digital marketing channels, a data driven CRM software and user experience improvements resulted in an 8% increase in e-commerce revenue. Direct online sales now account for 41% of the brand’s turnover.
Meanwhile, international expansion via wholesale and franchise channels delivered a 22% increase in revenue, the brand said.
But the company saw its pre-tax loss for the year widen to £3.2m, more than double the previous year.
Endorsed by the likes of Kate Middleton, Olivia Palermo, David Gandy and Daisy Lowe, Aspinal of London was established by serial entrepreneur Ian Burton in 2001.
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