- FashionUnited |
REPORT_ The iconic department store posted sales in fiscal 2013 of 1.2 billion pounds, an increase of 10.4 percent on the year before. Selfridges, which is a privately-owned company and releases only partial results, said that operating profit jumped 12.3 percent to 150 million pounds. The group said gains had been made across all retail channels.
"Despite challenging trading conditions in 2014, we are accelerating our investment in multi-channel and continuing our 300 million pound redevelopment programme of our Oxford Street Store," said managing director Paul Kelly. WWD reports that Selfridges intends to double the size of its luxury accessories department, making it probably the largest in the world.
During 2013, Selfridges invested 50 million pounds in several projects, including a new Denim Studio which is said to be the world's biggest denim space, the international launch of its webshop selfridges.com and the opening of a Men's Personal Shopping service.
The group is optimistic about the upcoming holiday season. Another of its managing directors, Anne Pitcher, said its product offering and a new campaign would 'ensure Selfridges will be the destination for Christmas'.