Loss-making Aspinal of London looks at options
It’s unclear on Monday just what the prospects for luxury accessories business Aspinal of London are with a report that the company has called in investment bankers as it seeks a funding injection.
The move comes after the business has suffered a weak spell, despite the generally buoyant luxury market, with a report that founder and chairman Iain Burton is looking for a £20 million boost to help it through.
The news was reported by The Times, which also said the company has actually been loss-making for around five years and that investment bank Houlihan Lokey is assessing the firm’s options.
The last accounts available for the company were filed back in May and cover the period up to March 2018. They show a loss of £2.2 million, despite sales up 7% to £31.4 million.
The company had major expenses during the year, including IT investment, opening a new store at the St James’s end of Regent Street in London and another at London City Airport. These replaced “existing non-performing doors”.
It also invested heavily in its e-tail operations, which are a key part of its strategy, and expanded internationally via wholesale and franchise, which also drove sales higher.
The company named Giles Deacon its design chief last autumn following a collaboration with the designer that generated lots of publicity. It also markets a travel bag collection with David Gandy.
Copyright © 2023 FashionNetwork.com All rights reserved.