LONDON — Anya Hindmarch Ltd. saw sales and profits fall in fiscal 2018, prior to the company’s sale to the Marandi family earlier this year.
Ahead of a filing at Companies House, the official register of U.K. businesses, the company said sales fell nearly 34 percent to 24.7 million pounds in the 12 months to Dec. 31, while gross profit was down 6.6 percent to 14.1 million pounds.
The company narrowed its EBITDA loss to 9.6 million pounds from 17 million pounds in the previous year.
“This has been an incredibly busy chapter: Anya Hindmarch took back leadership of the business, brought in new investors, and losses have almost halved,” a company spokesperson said.
“The first priority has been to get the business in the right shape, and the results of this are already evident. There is plenty more to do and this is an invigorating time for the business.”
In 2018, the business continued its shift from traditional distribution channels to a more digital, direct-to-consumer model.
The company said in light of the fast-moving retail environment and changing consumer behavior, it has continued to undertake a series of actions to reset its business model in ways that enable it to take advantage of the changes.
In 2018 and into 2019, the company closed one directly operated store, four concessions and one franchise across the U.S., Asia and France markets. It has also been investing in digital and direct-to-consumer campaigns.
In 2017, it had already closed eight of its smaller stores and concessions in the U.K. and Japan, including ones at House of Fraser and Harvey Nichols.
In addition, Anya Hindmarch Ltd. said it continues to reinforce “operational rigor across the business,” capitalizing on changing trends to improve efficiencies.
Creatively, the brand has been focusing on themed shows and campaigns such as the Weave Project, an immersive, three-day installation during London Fashion Week. The direct-to-consumer campaigns are aimed at engaging with the core customer.
Hindmarch will continue in her role as creative director, and remains a member of the board.
Earlier this year, Narmina and Javad Marandi purchased Mayhoola for Investments’ majority stake in the Hindmarch business.
The terms of the deal were not disclosed, although it is understood the agreement included 5 million pounds of fresh investment.
The Iranian-born Javad Marandi is a highly regarded businessman and property developer with a home in London. A chartered accountant and former Coca-Cola and Philip Morris International executive, Marandi eventually started his own investment business.
The family is known for their love of art and design, and Marandi is chairman of the advisory board of Watercolour World, a charity aimed at creating a free, online database of watercolors painted before 1900. Prince Charles and the Duchess of Cornwall are joint patrons of the charity.
Narmina Marandi is a member of the British Fashion Council’s Fashion Trust, a charitable initiative that raises money and gives grants and support to fashion designers.
“We are passionate about British design, and Anya Hindmarch is one of the most exciting and creative brands in the industry. We are delighted to be partnering with her and her team,” the family said in March, following the purchase.