The Cambridge Satchel Company’s annual sales and profits declined significantly even after the company bagged a funding of 21 million dollars from a venture capital firm Index Ventures, last year. The company’s revenues nosedived to 10.1 million pounds (14.8 million dollars) last year.
Cambridge Satchel Company had experienced a considerable rise in orders after it was featured in Google’s 2012 advertisement. The company had reported a turnover of 12.8 million pounds (18.7 million dollars) in 2013, a jump from 8.7 million pounds (12.7 million dollars) in 2012. However, operating profit last year was down to 1.8 million pounds (2.6 million dollars) from 4.6 million pounds (6.7 million dollars) in 2013.
Over the last couple of years, the company utilised its profit to establish its senior management team, increase production capacity at its Leicester-based manufacturing facility, to develop a five-storey flagship store and offices in Covent Garden, to relaunch its global ecommerce platform and create new designs for its product range.