Companies

US market and handbags fuel growth for Kurt Geiger

Feb 21, 2024 United Kingdom

The British footwear and accessories brand has reported strong annual results, driven by a successful international expansion strategy, particularly in the US, and “flourishing” handbag sales

In the fiscal year that ended on the 18^th of January, Kurt Geiger posted a net sales increase of 31% to 329.5 million British pounds (384.7 million euros) and a 49% increase in earnings before interest, taxes, depreciation and amortization to 30 million British pounds (35.0 million euros), on a comparable basis to the previous fiscal year.

The handbag business performed particularly well, with net sales up by 72% year-over-year to 91.6 million British pounds (107.0 million euros). The company stressed that the category has been a “huge driver of growth” in all markets, especially in the US, where handbags are now its best-selling category, and in the UK, where the category accounts for 50% of sales.

The brand’s international expansion strategy also appears to be paying off, with the company’s wholesale division reporting a 62% year-over-year increase in net sales to 70.1 million British pounds. Kurt Geiger added that over the past four years, it has become one of the fastest-growing accessories brands in department stores in the US, including Bloomingdale’s, Nordstrom and Dillard’s. Another noteworthy figure is precisely the 171% growth year-over-year in online sales in the US.

“I am extremely proud of the exceptional growth we have achieved internationally this year, especially in North America, as we are now recognized as a truly global accessible luxury accessories brand”, commented Kurt Geiger’s chief executive officer Neil Clifford. However, the domestic market was not forgotten as the company opened 12 new stores in the UK.

“We firmly believe in brick-and-mortar as the cornerstone of our omnichannel retail offering and following successful store openings across the UK and now North America, we will continue to open more stores in the US and across Europe in 2024”, he added. As previously reported, Kurt Geiger will open six stand-alone stores in Miami (1), Florida (1), California (3) and New York (1).

1 GBP = 1.17 EUR

Source: wwd.com

Image Credits: mymerryhill.co.uk/

United Kingdom Accessories Companies Footwear Kurt Geiger Results Year Results