Hackett London annual pre-tax profits increase 74 percent

REPORT_ Luxury British label Hackett London reported a 74 percent increase in pre-tax profits, up 6.8 million pounds from 3.9 million pounds for the year to March 31, 2014, as the group continues its ongoing international expansion scheme. Turnover for the menswear brand increased 9.5 percent,

to 107 million pounds from 97.7 million pounds thanks to a strong wholesale performance throughout the UK and Ireland, up 7.2 percent on last year and a solid retail performance, which increased 17. 3 percent.

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ackett London's international expansion boosts full year turnover

Underlying retail sales like-for-like grew 8.3 percent, boosted by the full year benefit of refurbished stores and the opening of Hackett's new global flagship store on Regent Street, which opened last November.

Hackett London aims to continue expanding in the UK and will open its first store in the City of London, at 55 Old Broad Street next month. “UK retail sales have seen a strong performance as consumer confidence shows sign of strengthening,” said the luxury label in its Companie House statement published today.

The luxury menswear, childrenswear and accessories label has continued its wholesale expansion throughout the year, with additional store openings with franchise partners in the Middle East, India, China and South America.

Hackett aims to continue with its international expansion and will be opening its first fully operated store in Amsterdam, the Netherlands next February, after the label closed its franchised store in the country, which came after the label took over the international wholesale distribution of its collections.

International expansion and the optimized operation of Hackett London existing stores remain a top priority for the luxury brand. Hackett’s turnover across all markets - including Hong Kong and China - for the year increased to 152 million euros, or 120 million pounds up from 146 million euros, 115 million pounds the year before.