Savile Row label Hackett hails international success as profit rockets
International success has helped up-market Savile Row clothing label Hackett almost quadruple its profit during its latest financial year as sales surged.
The London-headquartered chain has reported a pre-tax profit of £3.8m for the 12 months to 31 March, 2024, according to newly-filed accounts with Companies House.
The figure comes after Hackett posted a pre-tax profit of £1m for its prior 12 months.
The new results also show that the chain’s turnover also increased from £114m to £129.3m over the same period.
In the UK, Hackett’s sales increased from £43.7m to £45.1m while they surged from £70.3m to £84.2m in the rest of the world.
Its retail sales rose from £33.5m to £34.5m and its online turnover grew from £18.4m to £21.4m.
However wholesale was the clear winner, outperforming the other segments as its turnover jumped from £62m to £73.4m.
At the end of the financial year, Hackett operated 15 full price stores and seven outlets in the UK, up from 14 and six respectively.
Project to ‘re-energise’ Hackett has been ‘proven successful’
A statement signed off by the board said: “During this and last year the company has worked on the ‘Re-Energise Hackett’ project which has proven successful.
“The brand has been refreshed with additional investment in communication with the aim of improving brand awareness.
“In terms of distribution, among many other initiatives, the group has worked on wholesale expansion.
“The company continues investing on the e-commerce channel and OMS [order management system] initiatives and will continue doing so next year, increasing the presence in new marketplaces or opening new countries inside the existing ones.
“Finally, the company continues reviewing the store portfolio to improve the profitability and continue to implement a moderate retail expansion in key locations for the brand where there is a good opportunity.
“During this year, despite the exiting geopolitical uncertainty, the wars in Ukraine and Middle East an the collateral effects of high interest and inflation rates, the company has worked in measures, already factored in the business plan, to mitigate any impacted derived from this.
“The company does not expect that this situation could lead to a breach of any contractural obligations or affect the compliance with the going concern principle.”
The chain was founded by Jeremy Hackett and Ashley Lloyd-Jennings in London in 1983.
Since 2015, Hackett has been owned by Lebanese firm M1 Group and by LVMH subsidiary, L Capital Asia.