AllSaints: British fashion brand rakes in record revenue thanks to entry into China
AllSaints raked in record revenues of £457m, up 36 per cent on last year, as the rock inspired fashion brand was bolstered by entry into China.
The British fashion brand, which is owned by private equity group Lion Capital also said operating profit rose £18.4m to £28.5m and pre-operating exceptional EBITDA grew 50 per cent to £58.6m.
Gross profit margin also grew 62.2 per cent compared to 61.0 per cent in 2022, driven by stronger full price trading on its biker jackets and boots which sell for upwards of £200.
Mens designer John Varvatos, which AllSaints acquired in 2020, also performed well recording revenue of £66.1m.
During the term, the brand opened its first store in mainland China, a region which has seen an uptick in demand for designer goods since the easing of Covid-19 restrictions.
AllSaints also said it was reaping the rewards of a new online shopping app it launched last year – increasing digital shopping sales.
“This has been a record year for AllSaints, and these results are a huge credit to the passion, creativity and hard work of our fantastic team around the world,” Peter Wood, chief of AllSaints, said.
“The performance has been driven by our intense focus on product development, ecommerce excellence, growing our global store network, and rigorous inventory management.”
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