Vivienne Westwood’s heirs bank £35m after record profit
The widower and heirs of the late Dame Vivienne Westwood have banked £35m after profit at the late fashion designer’s company surged to a new record.
Vivienne Westwood passed away at the end of 2022 at the age of 81 leaving her husband Andreas Kronthaler and two children in control of her business interests.
Kronthaler, who serves as creative director, runs the fashion empire through Vivienne Westwood Ltd in the UK and Luxembourg-based Latimo which holds the brand’s trademarks.
Now, new accounts filed with Companies House for Vivienne Westwood Ltd show the firm issued a dividend of £35m for 2024, up from the £10m it paid out in 2023.
The dividend comes after Vivienne Westwood Ltd’s pre-tax profit rose from £44.4m to a new record of £59.5m.
The company’s pre-tax profit has been rising significantly each year since the Covid-19 pandemic.
In 2020, the firm’s profit was £3.9m but rose to £19.3m in 2021 and £38.4m in 2022.
Its revenue also increased in 2024 from £133.2m to £155m.
In 2020 its revenue totalled £42.1m and grew to £66.2m in 2021 and £101.3m in 2022.
Vivienne Westwood ‘reviewing pricing’
Vivienne Westwood Ltd said its retail store sales fell by 3.6 per cent in the year while its online sales slumped by 53.1 per cent.
It said this fall was mainly due to the restructuring of its online operations which is now split between its sister company in Italy.
Wholesale turnover jumped by 58.2 per cent while the cost of sales grew by 3.3 per cent.
In a statement signed off by the board, Vivienne Westwood Ltd said: “Margins are still under pressure due to the nature of wider retail conditions, recent geo-political factors and rising inflation.
“The company has been focusing on alleviating this pressure by reviewing pricing to improve gross profit margins and this policy will continue on an ongoing basis.”