Stella McCartney revenue up 14 percent in 2021, but losses widen
14 January, 2023
British luxury label Stella McCartney saw an increase in both its revenue and losses in 2021.
The company made full-year revenue of 32.49 million pounds, a 14 percent increase on the 28.40 million pounds it made a year earlier, according to filings at Companies House.
However, its loss before tax widened to 32.73 million pounds from 30.36 million pounds a year earlier. The brand, which has been undergoing a restructuring process since 2020, noted that the revenue growth was “led by profit split income from group undertakings” of 12.22 million pounds, up from 2.16 million pounds a year earlier. The transformation came after the company split from parent company Kering in 2018.
Store sales in 2021 jumped 26 percent to 4.97 million pounds as consumers flocked back to physical stores following the end of lockdown restrictions.
For the same reason, however, digital sales plunged 78 percent as shoppers moved away from the digital channels they’d relied on during the pandemic.
It said its focus on like-for-like business and initiatives with local clients “remained strong” in 2021, “to mitigate the lack of international tourism”.
The company said highlights of its year included the launch of its Frayme bag as part of its Fall 2021 collection, the return to physical fashion weeks with its Paris runway show in October 2021, and its collaboration with Japanese artists Yoshitomo Nara on a spring-summer capsule collection.
It said that “given the uncertain global context” it had decided to be “particularly selective in initiatives and projects” in 2022.
The number of directly operated Stella McCartney stores remained unchanged in 2021.
Source: fashionunited.uk