Hackett back in fashion as weak pound pulls in punters
Upmarket fashion brand Hackett has toasted the final day of London Fashion Week Men’s by revealing Christmas sales growth, helping to soften the blow of falling profits last year.
The British label — which counts actor Samuel L Jackson as one of its fans and was founded in 1979 from a stall in Portobello Road — said a surge in tourists taking advantage of the weaker pound since the Brexit vote had led to greater spending in its central London stores.
That helped sales last month to show an increase from December 2015.
The stylish retailer saw UK and Ireland turnover fall 2.4% to £107.4 million in the year to March 31, but global sales rose 5.8% to 175 million (£151 million).
Hackett plunged into the red, posting a loss in the UK and Ireland of £8.4 million compared with a profit last year of £949,000 and it partly blamed the slide on investments in new stores.
However, the chain, which has 113 shops and 55 concessions globally, vowed to keep expanding, with more overseas stores planned.
