LK Bennett: Fashion brand loved by Princess of Wales in the red

Wednesday 05 February 2025 12:03 pm

LK Bennett, the luxurious vogue model cherished by the likes of Catherine, Princess of Wales, has slumped into the purple.

The London-headquartered retailer has reported a pre-tax lack of £3.1m for the 12 months to 27 January, 2024, in response to newly-filed accounts with Firms Home.

The loss comes after LK Bennett posted a pre-tax revenue of £2.3m for the prior monetary yr.

Its outcomes for its most up-to-date monetary yr, which has simply come to an finish, should not attributable to be filed with Firms Home till the beginning of November.

The brand new outcomes additionally present that LK Bennett’s income decreased from £48.7m to £42.1m over the yr.

An announcement signed off by the board mentioned: “The financial local weather within the UK has been difficult with the worldwide occasions contributing to extend [the] cost-of-living disaster and excessive inflation charges.

“The UK financial system is at the moment experiencing a retraction, and given the heavy weight positioned on the UK in LK Bennett’s retailer and internet gross sales base, it is vital that the corporate reacts to {the marketplace} and related adjustments in shopper spending as quickly as potential.

“The corporate continues to overview buyer necessities and make sure the product vary matches these expectations.

“LK Bennett’s product vary continued to introduce new classes the place related to the model, in addition to increasing the corporate’s out there dimension vary.

“Whereas the corporate just isn’t immune from headwinds related to provide chain and distribution, our comparatively native provide base does give some safety from these price challenges.”

LK Bennett was based in 1990 by Linda Bennett with its first store in Wimbledon.

The model fell into administration in March 2019 and was purchased by Byland UK.

On its future, LK Bennett added: “Regardless of a difficult macro-economic surroundings LK Bennett stay cautious of the influence this has on our clients.

“The corporate continues to strengthen its model, merchandise and buyer expertise by lowering product costs and continues to hunt progress alternatives in each bodily and digital areas by onboarding new companions and improved product vary.

“The administrators confidently consider the corporate is ready to[to] handle all of the above points and stay assured in each the corporate and the model.”