Most Recent Articles In Financial
Latest Financial Articles
- China Woes Dampen European Stock Markets in Midmorning Trading
- Europe’s Stock Markets Make Gains in Mid-morning Trading
- French Companies Make $47.8 Billion Climate Pledge
More Articles By
LONDON — Following in the fast-growing footsteps of fellow British brands Burberry and Mulberry, Anya Hindmarch more than doubled 2010 profits on the back of a 12.3 percent rise in sales.
This story first appeared in the October 26, 2011 issue of WWD. Subscribe Today.
The company, which is majority owned by Anya Hindmarch, its founder and chief creative officer, will file its 2010 accounts with Companies House, the official register of U.K. businesses, later this week.
The company will report a spike in profits to 550,000 pounds, or $853,000, from 246,000 pounds, or $381,000, in the year ended Dec. 31.
Revenues rose to 20 million pounds, or $31 million, from 17.8 million pounds, or $28 million. Worldwide retail sales, which include the label’s franchises in Japan and the Far East, exceeded 35 million pounds, or $54 million, a 19 percent increase on the previous year. All figures have been converted at average exchange rates for 2010.
In an interview, chief executive officer James McArthur — who joined in May — said momentum at the company was good.
“The environment can be troubling, and we are being cautious, but the fundamentals of this business are sound,” he said, adding that wholesale orders for spring are up 40 percent.
McArthur added that retail sales in the U.K. and the U.S. would be up in the double digits this year.
Although he is still putting together his strategic plan, McArthur has already begun to make changes, beefing up the design, merchandising, retail, and digital teams and planning a push into new markets, particularly China.
The label has 13 directly operated stores in the U.K., Ireland and the U.S., and franchise partners in the Far East and Middle East. It also operates an e-commerce site, and has just launched a bespoke service online.
Asked whether he was grooming the company for a sale, McArthur said he was not.
“We have a minority private equity investor now, and there is a possibility that we may go and look for a small amount of new financing next year. But we’re talking about a small amount of money. We’re a profitable company, and have been for the past 24 years,” he said.
Kelso Place Asset Management has had a minority stake in the business since 2006.