Luxury womenswear retailer Jigsaw pulled in a loss in its latest annual results, as it plots new stores throughout the UK.
The group reported an EBITDA loss of £3.5 million from January 2024 to March 2025, on sales of £52.2 million.
Following this period, Jigsaw’s board carried out a “thorough strategic review” and concluded that a fundamental reset via a turnaround plan was required.
Its plan involved “significant changes in both leadership and strategic direction, underpinned by a firm commitment from shareholders to support the business through its recovery”.
The fashion brand’s shareholders “recapitalised the business through significant financial support” which was followed by “a further equity injection after the period end,” that provided “the financial platform necessary to execute the turnaround plan”.
The appointment of “new personnel to lead the business” was also central to its refreshed strategy, according to the company.
Related Story
Under its new management, Jigsaw has “sharpened its focus on product, fit, and fabric” to reconnect with shoppers.
Additionally, a “more rigorous approach to design, product development, and merchandising” has been combined with “tighter cost and operational discipline” at the brand.
Jigsaw said its new team’s execution of the turnaround plan, led by its new managing director Tikki Godley, together with the support of its board and shareholders, had led to “swift and tangible results”.
The company’s autumn-winter 2025 season trading period saw sales rise by 26 per cent and profit margins improve by 35 per cent year-on-year, driven by strong full-price sales and more disciplined stock management.
Jigsaw has also committed to launching 10 new stores across the UK, as it seeks to expand its physical retail footprint and bring the “brand experience closer to its growing customer base”.
Jigsaw majority shareholder David Ross said: “Whilst these results are disappointing, the business has since been restructured and implemented a turnaround plan that is already yielding positive results.
“Our plans to open 10 new stores in the coming months are a reflection of how far Jigsaw has come.”
Click here to sign up to Retail Gazette‘s free daily email newsletter
