Online sales help Lulu Guinness post 6% revenue growth
High-end accessories firm Lulu Guinness continued to improve its growth and profitability last year, boosted by a strong performance by its online channel.
The brand, a favourite of celebrities including Paloma Faith, Fearne Cotton and Kate Moss, cut its pre-tax losses significantly to £188,710 in the year to 25 March, compared with a loss of £802,358 a year earlier.
Meanwhile, sales at the company have increased by 6% to £10.1 million, new accounts showed.
The brand’s e-commerce channel helped boost annual revenues after seeing a 20% increase in sales during the year. Lulu Guinness’ website enjoyed a 10% increase in the number of visits and 51% growth of active customer numbers when compared to the previous year.
Further boosting its online presence, the British brand launched a new website in August 2018.
Lulu Guinness also attributed its sales growth to the introduction of several successful licensing collaborations during the year.
The brand’s e-commerce channel will remain a priority in FY19 as the company complained of the high cost of running its stores in prime locations.
Lulu Guinness operates standalone stores in London, Portsmouth and at the Cheshire Oaks Designer Outlet.
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