Sweaty Betty cuts jobs as brand returns to profit
Fashion brand Sweaty Betty cut almost 100 jobs as it returned to profit for the first time since 2021.
The London-headquartered business cut its workforce from 990 to 903 employees as it recovered from a pre-tax loss of £13.4m to a profit of £1.5m in 2024.
New accounts filed with Companies House have also revealed that the brand’s turnover declined over the same period from £144.2m to £140.4m.
Sweaty Betty was founded by Tamara and Simon Hill-Norton and acquired by American apparel manufacturer Wolverine Worldwide in August 2021.
Wolverine Worldwide’s brands also include the likes of Hush Puppies, Chaco and Merrell.
Sweaty Betty hails ‘strong recovery’
A statement signed off by the board said: “Following the 2023 reorganisation which transferred North American wholesale operations out of Sweaty Betty Limited, the company has demonstrated a strong recovery in 2024.”
The brand said its improved financial position was helped by “improved gross margin performance, tighter cost control and a significant reduction in reorganisational exceptional items”.
In the UK, Sweaty Betty posted a turnover of £111m, down from £116.4m.
In the US, the division’s turnover also fell from £13.5m to £9.3m but its sales rose from £14.2m to £19.9m in the rest of the world.
Sweaty Betty was founded in 1998 and was named after a song of the same name by British band the Macc Lads.
Last year, Sweaty Betty expanded its presence in the US by opening two new stores in Chicago and Washington DC.
At the time global brand president Melissa Mullen said: “We are thrilled to open these new locations in Chicago and DC, which mark an exciting opportunity to connect with new communities and deepen our presence in key markets,.
“We look forward to being part of these vibrant cities, supporting our consumers’ active lifestyles, and continuing to grow our global sisterhood.”