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British accessories brand Kurt Geiger has reported a 49% increase in EBITDA to £30m and a 31% increase in revenues to £329.5m for the 12 months ended 28 January 2023.
As the brand celebrates its 60th anniversary, it attributed the growth in sales and profits to its continued expansion in the UK and overseas and the success of its handbag business.
Kurt Geiger’s handbag sales were up 72% to £91.6m compared with the previous year. The brand also stated that in the UK the category represented 50% of Kurt Geiger’s sales.
Additionally, its wholesale turnover rose to £70.1m, while its wholesale EBITDA more than doubled.
It also reported a 171% rise in its US online sales.
Over the last 12 months the business opened 12 new stores in the UK, including its flagship store on London’s Oxford street earlier this month. In the next year, it plans to open six new stores in the US.
Neil Clifford, CEO of Kurt Geiger, said: “Our outstanding financial results this year are a testament to the hard work, dedication, and innovation of our entire Kurt Geiger family. We are celebrating our 60th anniversary this November and I am extremely proud of the exceptional growth we have achieved internationally this year, especially in North America, as we are now recognised as a truly global accessible luxury accessories brand.
“We firmly believe in bricks 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; we were thrilled to open on Oxford Street last month, one of the most iconic shopping areas in the city which like London continually changes and adapts and will evolve again to be London’s most unique retail destination.”
