Luxury bag retailer Radley doubles size of US business
Luxury accessories brand Radley more than doubled its US business over a year as customers hunt out classic British heritage brands.
Radley – which sells its products in the US in Macy’s department stores, through QVC television and on its own website – is seeking to expand its presence in the country after establishing a sales and marketing office in Dallas.
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Overall turnover was up 8.2 per cent to £92.9m in the 52 weeks ended 28 April as international expansion offset challenges in the UK market.
International sales grew by 51 per cent to £29.2m and the US reported sales growth of 104 per cent to £19.2m.
In the UK the company said it will “continue to optimise its bricks and mortar portfolio” as it targets “off-price” retailers, such as designer outlets, due to the challenging trading conditions on the high street.
The designer brand said sales in the period suffered due to insolvency processes at Debenhams and House of Fraser, and uncertainty surrounding the department stores’ futures prompted it to re-plan its own physical distribution systems.
The retailer also announced that former Michael Kors vice president of buying and planning Jackie Hay has joined the company as its chief product officer.
Chief executive Justin Stead said: “Notwithstanding the challenging full price retail dynamics in our home market, we are delighted to report another improvement in our performance, delivering new record levels of sales and continued earnings growth.
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“This is a testament to the efforts we have made focusing on elevation in all areas of our business and particularly with our collections’ making sure they are continually exciting and relevant.
“This will continue as we proceed with the further expansion and extensions to our international distribution, our improved online channels and investment in social media as well as brand elevation with key ambassadors.”
Main image credit: Radley