Vivienne Westwood turns to restructuring after £2.5m loss

Vivienne Westwood restructuring
The luxury retailer still aims to expand its presence in relatively new markets such as China and the US
// Vivienne Westwood looks to restructure after a £2.5m loss for the year to December 31, 2018
// During the period, turnover fell by 4.9% to £38.8m

Vivienne Westwood has turned to restructuring after reporting a £2.5 million loss for the year to December 31 2018, compared with a £1.9 million profit in 2017.

During the period, turnover fell by 4.9 per cent to £38.8 million, following the closure of two stores.

Despite this, wholesale sales increased by 0.22 per cent, while net assets decreased from £13.6 million in 2017, to £8.8 million in 2018.

“We are reviewing the lines currently available with the objective of streamlining the portfolio,” the luxury retailer said in a statement.

“The company is also undergoing a strategic review to create a new operating structure.

“The brand continues to remain attractive to its wider customer base and sales continue to be consistent.

“The focus remains on improving the existing stores and repositioning the the brand perception of the various Vivienne Westwood lines.”

Vivienne Westwood said it still has ambitions to expand its presence in relatively new markets such as China and the US, while also increasing market share in Europe and Asia.

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