Companies

Kurt Geiger posts record full year sales

Sep 2, 2024 United Kingdom

The British footwear and accessories brand has reported a strong year 2023/2024, against both a backdrop of rising prices across the industry and weakening global consumer demand

In the twelve months to February 2024, Kurt Geiger’s sales increased by 10% over the previous fiscal year to 360 million British pounds (427.2 million euros), mainly due to rising demand for its “affordable luxury” handbags. This segment recorded annual sales of 115.6 million British pounds (137.2 million euros).

In the US, the brand’s sales reached 29.3 million British pounds (34.8 million euros), an increase of 93% from 15.2 million British pounds (18.0 million euros) in the prior fiscal year.

This performance was achieved both against the backdrop of rising prices across the industry and weakening global consumer demand, the company said, highlighting a full year earnings increase of 34% to over 40 million British pounds (47.5 million euros).

“Quite simply... we stand out from the crowd! Our brand has a unique design aesthetic – fun, colourful and instantly recognisable. That, combined with a strong British DNA and an incredible value proposition – we've filled a white space with bold, maximalist silhouettes at an affordable price point”, commented Neil Clifford, CEO of Kurt Geiger.

He continued: “2024 is on track to smash all of our most ambitious predictions – with our global footprint growing exponentially, driven by handbags... now our largest product category in all markets. Not bad for an independent British brand, operating against a pretty tough economic backdrop!”.

In the year to date, Kurt Geiger’s total sales increased by 35%, on a comparable basis to the same period in 2023/2024, with denim products in both handbags and footwear among the most popular. The company also reported that between February and June, handbag sales alone grew by 45% year-on-year.

In particular, in the last five months, sales in the Americas have increased by 104% year-on-year. Kurt Geiger is now expanding its retail footprint across the US, having opened its first store in Orlando in May, with three new stores set to open this autumn in New York, Los Angeles and San Diego. The brand is targeting 50 American stores in the coming years.

FW24 Campaign

The British label has chosen Emily Ratajkowski to star in its FW24 campaign, and its latest design, the Chelsea collection, named after the West London area, where London’s fashion scene was established on King’s Road in the sixties.

Image Credits: prnewswire.com

United Kingdom Accessories Footwear Kurt Geiger Luxury Results Year Results