Luxury leather accessories brand Anya Hindmarch has revealed significant losses as it continued to renew “operational rigour”.
For the year to December 30 2017 Anya Hindmarch saw pre-tax losses grow from £11.9 million to £28.2 million, while sales dipped from £41.3 million to £37.2 million a year prior.
This was in part due to the reduction of its store estate, closing two outlets across London in Hackney and Westfield, while withdrawing from its concessions in House of Fraser and Harvey Nichols in the UK, alongside another six in Japan.
It now trades from seven standalone stores and a number of concessions across the UK.
In an effort to plug the growing hole in its finances it is investing in digital and direct-to-consumer channels while reducing operating costs.
“Full year 2017 was an exceptional year for the company,” founder and chief executive Anya Hindmarch said.
“We are taking tough decisions to ensure the business is best placed for the fast-changing consumer environment. Now, more than ever, we are focused on finding new and creative ways to engage with our customers. It is clear that the old retail model is no longer fit for purpose, and now is the time to be brave.”