Cotton Traders has reported its “most successful financial year to date” for 2022, as turnover reached a record high for the British heritage fashion retailer.

Cotton Traders posted a 3% increase in EBITDA to £12.6m for the 12 months to December 31, 2022.

The fashion retailer also reported a 10.6% increase in turnover year on year to £111m, crediting its “improved performance” to a 17% boost in new customer acquisition year on year, as well as a hike in active customer retention that was largely boosted by social media engagement.

Cotton Traders attributed 79% of its total sales for the year to direct channels and 21% to its Cotton Traders store portfolio.

Online sales were also up 16.6%, while app sales increased 46% year on year, which Cotton Traders said was driven by factors including “recruitment of new customers, changes to customer behaviour and the switch of existing customers”.

Cotton Traders reported that its average new customer age is 56, demonstrating the shift to bringing in “a younger, more digitally savvy customer base”.

Chief executive Nick Hamblin said: “Over Cotton Traders’ decades of trading, the brand has built long-established relationships with its customers based on product quality, service and trust.

“It’s hugely reassuring that this reputation is now extending to record numbers of new, younger customers who we hope will be the foundation of our business for many years to come.

“2022 saw the brand operating and performing with great consistency, which is not an easy task in what remains a tough retail environment. Brand reputation plays a huge part in purchase decisions and we’ve invested in the right areas at the right time to enhance all our customer touchpoints.”