Luxury fashion retailer LK Bennett is eyeing expansion into the booming Chinese market as overseas sales leapt 65 per cent to £20 million in its last financial year, it has been reported.
Despite making a pre-tax loss of £7.3 million as a result of interest payments, the private equity-owned retailer noted that this is an improvement on the previous year’s loss of £9.7 million.
In the year to July 2012, sales reached £94 million, up 15 per cent on a year earlier while profit before finance increased 37 per cent to £11 million.
A spokesman for the retailer told The Mail on Sunday that it is “looking very closely” at expansion in China while it also has its sights set on growth in Europe, the US and the Middle East as it looks to extend its reach past its existing 160 stores.
“The perception of the brand continues to build around the world and that has strengthened our position,’ the spokesperson said.
“Asia is clearly an untapped opportunity and the potential for us could be enormous.”