Anya Hindmarch losses rise, time to think differently she says
today Oct 1, 2018
Anya Hindmarch’s losses continued to mount in the luxury accessories specialist’s latest financial year and she has said that it’s time to be “brave” and create a “cleaner and simpler strategy”.
She has already closed some stores and is working to adapt to changing consumer shopping behaviour as luxury sales move online.
Figures seen by The Telegraph show pre-tax losses widening to £28.2 million in 2017, worse than the £11.9 million the previous year. And turnover was down 10% to £37.2 million as store numbers were slashed.
The losses happened in the same year as major shareholder Mayhoola For Investments pumped an extra £16 million into the company.
Hindmarch is already thinking differently and changed her approach to London Fashion Week this year choosing not to stage an expensive show and opting for publicity-generating stunts as well as connecting more directly to the consumer.
That included 30 giant hearts flown over London landmarks in the spring and for last month’s LFW, an installation in the historic Banqueting House in London’s Whitehall saw customers taking part in meditations and talks while lying on a giant bean bag.
A change to the regular approach to handbag collections has also been a success with the build-a-bag collection proving hugely popular and a Barneys pop-up in NYC taking $150,000 in just a week.
Hindmarch told The Telegraph that consumers have “massive appetite” for experiences and retailers must respond to this as the changing market means “we all want to buy online and department stores are emptier.”
And she added: “I don’t think there is an issue with [consumer] spending, but I don’t think we are giving them what they want. That is why we are being gung-ho [with our marketing].”
The company closed eight stores and concession in Britain and Japan last year and now has only seven around the world.
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