Kurt Geiger has credited its full-year surge in both revenue and profits to the “success” of its international expansion strategy.
The footwear and accessories retailer posted a 49% increase in EBITDA to reach £30m for the 12 months to January 28, 2023.
Kurt Geiger also posted a turnover of £329.5m for the full year, which was up 31% year-on-year.
Sales in the US jumped 171% year-on-year as Kurt Geiger made its mark as “one of the fastest-growing accessory brands in North America”.
The fashion retailer also noted that handbags are “must-have items” in both the UK and US, with a 72% increase year-on-year to £91.6m. Handbags are now its bestselling category in the US.
Cornerstones of success
In terms of bricks-and-mortar, Kurt Geiger opened 12 new UK stores, including its flagship on London’s Oxford Street, as well as three new stores in Mexico with its local partner El Palacio de Hierro.
The fashion retailer also confirmed plans to further its international expansion strategy with six new stores set to open in the US over the next 12 months.
Kurt Geiger added that its “outstanding” performance during the period reflects an increased demand globally for “affordable luxury”.
Chief executive Neil Clifford said: “Our outstanding financial results this year are a testament to the hard work, dedication and innovation of our entire Kurt Geiger family.
“We are celebrating our 60th anniversary this November and I am extremely proud of the exceptional growth we have achieved internationally this year, especially in North America, as we are now recognised as a truly global accessible luxury accessories brand.
“We firmly believe in bricks-and-mortar as the cornerstone of our omnichannel retail offering and following successful store openings in the UK and now North America, we will continue to open more stores in the US and across Europe in 2024.”
Championing London
Clifford continued: “We were thrilled to open on Oxford Street last month, one of the most iconic shopping areas in the city, which like London, continually changes and adapts and will evolve again to be London’s most unique retail destination.
“While London-based creativity is how we define our designs, kindness is how we define Kurt Geiger as a whole, and we remain committed to upholding our values of quality, style and kindness in everything we do.”
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