AllSaints report record revenues
British fashion label AllSaints has marked a significant financial milestone with a “historic” performance for the most recent fiscal period, propelled by a remarkable 25% surge in sales.
The retailer disclosed that its total annual revenue, concluding in January, reached an impressive £390.9 million, a striking ascent from the previous year’s £312.9 million.
The remarkable escalation in sales was firmly underpinned by the brand’s ambitious strides into the international arena. Evidencing its robust expansion strategy, AllSaints inaugurated its inaugural flagship store in mainland China, situated in the vibrant city of Shanghai, and concurrently introduced additional stores in Taiwan and South Korea.
Innovative enhancements in the digital domain proved instrumental in fortifying the brand’s sales achievements throughout 2022. This transformative digital platform investment served as a catalyst, complementing the brand’s steadfast commitment to product evolution and the meticulous oversight of inventory.
Peter Wood, the retailers Chief Executive Officer, underscored the symbiotic connection between rigorous product development, unrivaled e-commerce prowess, an expanding global store network, and meticulous inventory management. Wood commented, “This fiscal year stands as a testament to the unwavering dedication, creativity, and hard work exhibited by our exceptional team worldwide.”
The brand’s overarching portfolio, encompassing the prestigious New York-based luxury menswear label John Varvatos, acquired in 2021, witnessed an astonishing 36% surge in sales, amassing a staggering £457 million. Concurrently, the company unveiled a noteworthy threefold augmentation in operating profit, soaring from £10.1 million in the preceding year to an impressive £28.5 million.
Mr. Wood further emphasised, “This pivotal year in AllSaints’ history and the associated results unequivocally highlight the unwavering dedication, ingenuity, and relentless work ethic of our remarkable global team.” He expounded on the brand’s holistic approach, melding innovative product ideation, exceptional e-commerce capabilities, global retail expansion, and vigilant inventory oversight.
Anticipating robust growth on multiple fronts, Mr. Wood elaborated, “Our proven momentum across both of our brand entities, coupled with our demonstrated resilience within even the most formidable consumer landscapes, fuels our profound confidence in the overarching potential of the collective group.”
As the brand continues to bask in its remarkable achievements, it’s noteworthy that the complete financial disclosures for this fiscal year are pending and have not yet been made public through Companies House.
