Hackett, the high-end menswear brand, has experienced a remarkable surge in sales and profits for the fiscal year ending in March. The company’s turnover witnessed an impressive growth of 29.94%, reaching £114 million compared to the previous year’s figure of £87.7 million. Furthermore, the EBITDA also saw a significant increase of 35.58% to £5.5 million, while the net profit for the financial year reached £5.3 million, showcasing a noteworthy improvement from the net loss of £1.6 million in the previous year.
The success of Hackett can be credited to several factors, with one key element being the expansion of its retail offerings. During the year, Hackett launched one new full-price store, leading to a remarkable 46.6% increase in overall retail sales. This growth can be attributed to a return to pre-Covid conditions, which ignited a surge in consumer demand. As of the end of the fiscal period, Hackett was operating 14 full-price directly-run stores in the UK, along with six outlets.
The wholesale segment of Hackett also performed well, witnessing a growth of 22.1%. Additionally, the company’s e-commerce sector experienced a substantial 27% increase in sales. The evident increase in visitor traffic on Hackett’s website, which saw a 9% boost, indicated that customers were more inclined to make online purchases. Hackett also reported a 7% increase in its conversion rate, further highlighting the successful transition of online visitors into actual buyers.
One of the major contributors to Hackett’s success is its Re-Energize project, which aimed to revitalize the brand. The project encompassed various initiatives such as a new web design, a fresh logo, and increased investment in communication strategies. By positioning itself as a brand that offers both core HT London products and a more elevated Savile Row collection, Hackett brought about changes in pricing and product assortment across different sales channels. As a result, both the retail division, particularly in full-price stores, and e-commerce performed exceptionally well. The strong summer season, along with a boost from Black Friday to the Christmas period in 2022, further propelled Hackett’s growth.
Even after the reporting period, Hackett continued its efforts to reshape the brand by launching a flagship store on New Bond Street in November 2023, simultaneously introducing its premium line. The opening of the store garnered significant publicity for Hackett’s brand image. Additionally, the brand collaborated with David Gandy Wellwear for a smaller-scale launch in November, further solidifying its presence in the market.
Hackett’s impressive sales and profit growth serve as a testament to the effectiveness of its expansion strategies, strong online presence, and brand elevation endeavors. By focusing on delivering high-quality menswear and adapting to consumer trends, Hackett has positioned itself for sustained success in the future.
Useful links:
– [Hackett Official Website](https://www.hackett.com/gb)
– [Hackett Retail Locations](https://www.hackett.com/gb/stores)
