UK-based fashion retailer AllSaints has announced strong revenue growth and a positive trading performance for the first half of the year. Despite store closures and social restrictions caused by the pandemic, AllSaints experienced a revenue increase of 20% to £312.9 million for its eponymous brand. Total retail revenue, including physical stores and e-commerce, also rose by 15% to £268 million. Non-retail revenues, which consist of wholesale, franchise, and licensing, saw a significant boost of 59% to a record £45 million.
To expand its reach and ensure its products are accessible to more customers, AllSaints has implemented various strategies. This includes focusing on digital channels, improving inventory productivity, and acquiring the John Varvatos brand, which has already returned to profitability under AllSaints’ management. The company’s efforts have paid off, with both the AllSaints and John Varvatos brands seeing year-on-year revenue increases of 36% and 13% respectively in the first six months of the year.
Despite the challenges faced by store closures in the UK, Europe, and Canada, AllSaints has exceeded sales expectations. Physical retail locations have seen better footfall than predicted, digital conversion rates have been strong, and non-retail channels have experienced significant growth compared to the previous year.
AllSaints has also demonstrated its commitment to sustainability and diversity. The company recently launched its AllSaints Spitalfields limited edition pieces, which were produced at its East London headquarters using British fabrics. This approach has resulted in a low carbon footprint and support for local manufacturers.
CEO Peter Wood expressed pride in the company’s ability to overcome the obstacles posed by the pandemic while delivering a robust financial and operational performance. He believes that the synergies between AllSaints and John Varvatos will contribute to the future growth of the company.
Useful links:
– AllSaints Official Website
– John Varvatos Official Website
