Anya Hindmarch, the innovative mind behind the renowned luxury fashion brand, recently discussed how the closure of numerous boutiques in the past has actually paved the way for the brand’s impressive success in 2020. Despite the initial heartache of shutting down stores, Hindmarch emphasized that this strategic move was vital for the brand’s evolution.
After taking back the reins as CEO and creative director following a change in ownership, Hindmarch made the bold decision to streamline the brand’s physical presence by closing 16 out of 21 stores. While this initially led to a decrease in sales, the brand saw a significant improvement in like-for-like store sales, bolstering overall revenue.
Hindmarch stressed the necessity of having a clear purpose behind maintaining physical stores, highlighting the importance of adaptability in the ever-evolving retail landscape. By focusing on a digital-first approach and harnessing the power of social media, the brand experienced a remarkable 24% surge in online sales.
Looking back on the challenges of 2020, Hindmarch expressed gratitude for the timely restructuring that positioned the brand for resilience in the face of a global crisis. She acknowledged that navigating the turbulent year would have been far more challenging with a larger network of physical stores, underscoring the importance of strategic decision-making in turbulent times.
It is evident that Anya Hindmarch’s strategic vision and willingness to embrace change have not only revitalized the brand but also positioned it for long-term success in an increasingly digital world.
To learn more about Anya Hindmarch and her brand’s journey, check out Anya Hindmarch’s official website and this insightful article from Vogue.
