LONDON — Profits at Stella McCartney Limited in 2008 rose 78 percent to 1.79 million pounds, or $3.31 million, from 1.01 million pounds, or $2.02 million, on the back of strong ready-to-wear sales, the company’s president and chief executive officer Frederick Lukoff said Thursday.
All figures have been calculated at average exchange rates for the respective periods.
Sales in the 12 months to Dec. 31, 2008, rose 19.6 percent to 13.48 million pounds, or $24.93 million, from 11.27 million pounds, or $22.54 million. Lukoff, who took up his post this year, said wholesale sales in the period, coupled with “two strong rtw collections,” drove growth.
Lukoff said, despite the current economic climate, he had “absolute” confidence in the “dynamic” brand, and more stand-alone stores were in the pipeline. He declined, however, to give any further details.
The latest sales and profit figures, deposited earlier this week at Companies’ House in London, offer only a partial picture of the growing Stella McCartney business. The limited company is the U.K.-based division of Stella McCartney that registers sales from the designer’s London stand-alone store on Bruton Street, royalties from McCartney’s various licensing deals and part of the wholesale business.
Most of the worldwide wholesale sales and revenues from the designer’s directly operated stores in Los Angeles, New York and Paris are consolidated in the full-year Gucci Group accounts and are not made public.
Stella McCartney is jointly owned by the designer and Gucci Group.
Lukoff said, in the current fiscal year, the company was looking forward to the designer’s collaboration with GapKids, which bows Nov. 1.
In the main collection, he said one of this year’s bestsellers has been the Falabella chain bag for fall.
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