Barbour achieved record sales last year as collaborations with high-end fashion brands bolstered its popularity among younger shoppers.
The luxury retailer partnered with the likes of Gucci and Ganni in an effort to revamp the brand.
The business also collaborated with fashion label Chloe and model Alexa Chung as its sales soared by nearly 20% to £343m during the year to April 2023.
However, Barbour’s profits dropped by around £6m after price rises failed to offset inflationary cost pressures.
The brand’s managing director Steve Buck said:”The ongoing aftermath of the pandemic can still be seen in our supply chain and the economic fallout resulting from the cost of living crisis, war in Ukraine, uncertainty across global markets, intense cost pressures, in particular exchange rate pressure and competition for volatile demand remaining high, have all presented numerous challenges to margins across all channels and markets.”
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Buck added that the current year “will continue to be challenging” against the backdrop of the cost-of-living crisis, market contractions, higher inflation and global uncertainty caused by the wars in Ukraine and the Middle East.
However, he said no more price hikes were expected, and noted that “offering good value to our consumers is paramount and as a consequence, we have not raised our prices in line with the cost increases we are experiencing”.
Barbour was forced to raise its prices in February 2023 as production costs soared and consumer spending slowed down, as it faced “extraordinary challenges”.
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