Vivienne Westwood posts 5.7% rise in FY turnover
Vivienne Westwood, the iconic British fashion designer, posted a 5.7% increase in turnover for her company, up to £33.8m in the year ended December 31, 2015.
The company, which produces four clothing labels, leather goods, jewellery and a range of other accessories, as well as fragrances and homeware, said the turnover is mainly based on retail and wholesale sales. There was a small decline in wholesales sales (4.57%) and an increase in retail sales, up 10%. Gross profit in the same period rose 7.8% to £16.6m.
However, Vivienne Westwood said 2015 "proved to still be a challenging year for the company" and total profit was down to £1.8m from £2.3m the previous year. The brand said margins are still under pressure due to nature of wider retail conditions, but added that it is trying to alleviate this pressure by focusing on reviewing its pricing.
It stated: "The focus remains on improving the existing stores, introducing new concept designs and repositioning the brand perception of the various Vivienne Westwood lines." The brand is also focusing on expansion, saying it still has "major ambitions to establish a better presence in relatively new markets such as China and USA and increase market share in existing territories like France, Italy and Japan."
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