Aspinal of London, the luxury accessories brand, has reported a strong performance during the December trading period, thanks to its effective omnichannel approach. The brand experienced a notable 15% increase in sales compared to the previous year, with luggage, leather accessories, and stationery all achieving impressive results. Moreover, the digital sales also showed a significant growth of 15%, while the physical store sales surged dramatically by 40%. Among the standout performers were Aspinal’s flagship stores in London, particularly on Regent Street and Royal Exchange, with sales growth of 30% and 90% respectively.
Although there was a decline in sales in the Chinese market due to strict Covid restrictions, Aspinal of London has showcased a robust recovery overall since the pandemic hit. According to the brand’s accounts for the year ending March 22, 2022, sales increased by 29% to reach £29.8 million, with underlying profits more than doubling to £4.1 million. This growth can be attributed to Aspinal’s strategic decision to close down 10 stores as part of a company voluntary arrangement during the pandemic.
Iain Burton, the founder and chairman of Aspinal, has outlined the brand’s post-Covid strategy, which focuses on enhancing its online presence and establishing partnerships with prestigious retail outlets, all while maintaining its iconic flagship stores. Burton expressed his satisfaction with the successful implementation of this strategy, particularly highlighting the outstanding performance of the retail stores during the Christmas season. Aspinal of London has set its sights on prioritizing brand growth in 2023, with a specific emphasis on expanding into international markets.
Overall, Aspinal of London has demonstrated its resilience and adaptability by leveraging its omnichannel approach, strategic store closures, and focus on online presence. With its strong financial performance and ambitious growth plans, the brand is well-positioned to continue thriving in the luxury accessories market.
Useful links:
1. Aspinal of London Official Website
2. Retail Gazette – Fashion News
