Longchamp UK hails good year as it posts sales surge
Luxury handbag brand Longchamp has posted a sales surge in the UK, saying its performance in 2016 was “good despite the economic crisis and increased competition”.
Turnover for the year ended 31 December 2016 surged to £15.1 million from £8.7 million a year earlier – a growth of more than 70% year-on-year.
Longchamp has three stores in the UK, including outlets on Regent Street and at Westfield London, as well as one outlet boutique at Bicester Village and three concessions.
The company said operating profit for the year increased to £836,668 from £392,988, while pre-tax profit totalled £812,291 from £405,732, according to new accounts.
Despite the good news, Longchamp warned its stores could become lossmaking due to the high rental prices in London, and said it is conducting performance reviews of each shop on a regular basis to prevent this from happening.
The results come amid falling consumer confidence and tougher trading in the UK.
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