By  on June 29, 2007

LONDON — An alleged misappropriation of funds and ongoing administrative costs increased Hardy Amies' operating loss by 73 percent to 2 million pounds, or $3.9 million at current exchange, for the financial year to December 2006, from a loss of 1.2 million pounds, or $2.4 million, in the previous financial year, the company said.

A total of 352,677 pounds, or $704,000, was stolen from the Savile Row couture and ready-to-wear house during 2005 and 2006.

"If there is a positive aspect to this horrible business, it is that the underlying trading position of the business is better than had been previously reported," said Andrew Manders, chairman of the 61-year-old company, in the statement, adding that police had issued a warrant for the arrest of the company's former financial controller in relation to the missing funds.

Sales last year increased 10.8 percent to 1.2 million pounds, or $2.4 million, from 1.1 million pounds, or $2.2 million, in the same period the previous year, and couture sales at the brand's flagship on Savile Row had increased by 81.7 percent.

Under Manders, the company has introduced a design team to work on rtw ranges with Ian Garlant, the brand's creative director, and plans to open a small number of retail stores in the U.K. in the fall. Arev, the Icelandic company that owns 49 percent of the brand, has made a loan of $5.7 million available for the company to finance its retail rollout and fund a new women's rtw collection, which also will launch in the fall.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus