L.K. Bennett‘s full-year results to August 2015 reveal a 1.8% decline in turnover, to £93.6m. Revenue was hurt by a number of underperforming stores but this was offset by strong online growth and international expansion.
The way that consumers are shopping for luxury is changing. As the shift becomes more prominent, L.K. Bennett recorded a salient 39.2% leap in US e-commerce growth, and a 16.8% jump in the UK.
The upmarket fashion retailer, favoured by The Duchess of Cambridge, is seemingly attractive to the American market where expansion continued across those 12 months. In August a new store opened at the World Trade Centre in New York and the flagship store on Madison Avenue has reportedly been performing well since its open in April 2015.
“Last year marked another stage in L.K. Bennett‘s transformation towards increasing the company‘s online and international presence,” said CEO Robert Bensoussan, citing that “the business continues to position itself well for the future.
“We are also very proud to be extending the presence of the brand in selected stores worldwide, including Russia, showcasing the strength and attractiveness of our products globally, as well as the UK, where we have opened in Harrods. We continue to explore options for growth in China, where our branded shoe concession is trading very strongly.”
The British chain also bulked up its management team with the recruitment of a new Commercial Director, Supply Chain Director and Human Resources Director during the year.
“We believe that we are laying the foundations for continued growth in the years to come, through our focus on online development, international expansion and a disciplined approach to cost,” Bensoussan added.