LK Bennett opens stores in China
LK Bennett becomes the latest luxury retailer to open its stores to the Chinese market.
The news comes after a spokesman told the Mail On Sunday that a deal with China is ‘looking very close’ and could be signed as early as the summer.
Financial reports show that profits before finance charges had rose 37 per cent to GBP 11 million for the financial year.
Sales for the year to July 2012 increased by 15 per cent to GBP 94 million, but pre-tax loss was reportedly GBP 7.3 million despite being GBP 2.4 million better off than the previous year.
This is largely due to the fact that 70 per cent of the business is owned by private equity group Pheonix Equity Partners and Sirius Equity, after its founder Linda Kristin Bennett sold in 2007.
The group remains confident despite the pre-tax loss, saying that they are operating with ‘considerable headroom’ when it comes to its borrowing.
The premium brand, a favourite of the Dutchess of Cambridge and her sister Pippa Middleton, saw overseas sales grow 65 per cent to GBP 20 million last year, accounting for more than a fifth of its turnover, and a spokesman for the chain said the potential could be ‘enormous’.
“The perception of the brand continues to build around the world and that has strengthened our position”.
LK Bennett now has 160 stores with plans to expand its international business by opening more outlets in the US and Middle East.