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Fashion retailer Cotton Traders has welcomed its “most successful financial year to date”, announcing it has increased its yearly turnover by 10.6% to £111m.
The company has attributed its performance to a 17% year-on-year increase in new customers gravitating to the brand, as well as a 7.5% increase in its active customer retention.
In addition, the group found that 79% of its total sales came from direct channels, while 21% came from the retailer’s brick-and-mortar stores. Online sales also increased by 16.6% in the period, spelling a 46% year-on-year rise in app use.
During the past financial year, the retailer has also made “notable” investments in its operations and has diversified its product range.
This came in the form of the refurbishment of 16 stores, new staff training, and the installation of digital points-of-sale throughout its portfolio of 77 stores, which secured a 47% increase in new store customers compared with 2021.
Nick Hamblin, CEO of Cotton Traders, said: “Over decades of trading, the brand has built long established relationships with its customers based on product quality, service, and trust.
“It’s hugely reassuring that this reputation is now extending to record numbers of new, younger customers, who we hope will be the foundation of our business for many years to come.”
