Radley annual sales rise but profit falls to 1.8 mn pounds
For the year to April 30, 2016, luxury handbag maker Radley’s retail profits increased while its design and manufacturing arm reported a drop, according to This is Money. The company’s revenue increased from 39.9 million pounds (49.7 million dollars) to 41.8 million (52 million dollars).
The London-based handbags brand favoured by celebrities such as Pippa Middleton, Paloma Faith and Erin O’Connor said that the company’s profits fell from 3.1 million pounds (3.8 million dollars) to 1.8 million pounds (2.2 million dollars) for the year under review. The company attributed this fall in profit to heavy investments it made ahead of its sale to private equity outfit Bregal Freshstream in June last year.
Its Radley Retail subsidiary, which operates 33 stores and 41 concessions posted rise in profits from 1.4 million pounds (1.7 million dollars) to 2.5 million pounds (3.1 million dollars).
The company known for its wide range of handbags, purses and accessories, was founded by its current creative director Lowell Harder in 1998.