AllSaints racks up strong sales as expansion pays off
British fashion brand AllSaints reported on Monday a 20% increase in sales to £303m in the 12 months to 28 January, boosted by its ambitious expansion plans.
Sales in the UK rose 11.5% to £160m during the year, while international sales rose 31% to £142m. International markets now account for 47% of the company’s sales, with the figure expected to rise as the company continues its expansion.
Over the period, AllSaints opened 74 new stores worldwide and launched operations in Japan. The effort to enter the Japanese market without a franchise partner, plus an increased investment in technology, meant the company reduced its annual EBITDA by 9% to £26m.
Speaking to City AM, AllSaints CEO William Kim said the brand prefers to enter markets directly, instead of using the franchise model, in order to have more control over the business. The expansion strategy, previously focused on North America, is now aimed at growing the brand’s presence in Asia.
In addition to growing the Japanese business, the company is eyeing South Korea’s airport retail as a growth opportunity.
AllSaints has now 243 stores, including franchises and concessions, in 27 countries. It has also recently expanded into Turkey, Mexico and Spain.
Copyright © 2021 FashionNetwork.com All rights reserved.