Heritage British welly-boots company Hunter has reported a decline in profits over the last year.
In 2015 the high-end footwear brand‘s profits fell from £15.6 million to £14.1 million, following heavy investment in London flagship stores.
However, sales were healthy in 2015 and increased by nearly a fifth to £113.7m.
Chief executive Vincent Wauters said that although the retail environment in 2016 has been tough, Hunter was in a strong position with new styles, outerwear and accessories all performing strongly.
He said it has pumped money into its first London flagship store in Regent St and opened a new store in Oxfordshire, leading to a decline in profits this year.
“We recognise that 2016 has presented a challenging retail environment in general, particularly in North America,” Wauters said.
“We have invested to strengthen the brand fundamentals, in particular with the introduction of a seasonless core concept launching in October of this year.
“We have put particular focus on growing the Hunter team, building for the future by promoting from within and investing in new talent.
“The measures we have put in place in 2016 will put us in a strong position going into 2017, as we continue to grow and realise the brand‘s true potential.”
Hunter has solidified itself as a British retail icon, becoming a favourite of Kate Moss and Alexa Chung as well as holding two royal warrants, which signify that they are worn by the Royal family.