Jack Wills: Job cuts continue as fashion brand halves in size
Profit has continued to fall at fashion brand Jack Wills, which is owned by Mike Ashley’s Frasers Group, as more jobs were cut and stores closed during its latest financial year.
The company’s headcount reduced from 233 to 135 in the 12 months to 28 April, 2024, while it went from running 32 shops to 24.
As a result of its diminishing store count, Jack Wills’ pre-tax profit was cut from £10.1m to £4.9m in the 12 months.
Newly-filed accounts with Companies House also show that the brand’s revenue was slashed from £28.4m to £19.1m over the same period.
Jack Wills was acquired by the owner of Sports Direct and House of Fraser in 2019 out of administration.
In May 2024, City PM reported how Jack Wills’ revenue fell from £34.3m in the year to 30 April, 2023, and its pre-tax profit totalled £10.1m while it cut its stores from 52 and its headcount from 304.
A statement signed off by the board said: “During FY24, we have continued to see the progress of the elevation strategy.
“The elevation of our multi-channel retail proposition remains a key strategic objective.
“To this end, we are improving the customer experience at every step of the journey.
“We aim to deliver an unrivalled range, availability and quality of products – both third party brands and group branded products.
“The elevation strategy continues to enhance and improve our stores and all our digital operations, our product offering and our marketing channels.
“This is vital to strengthen our relationships with our key third party brand partners, to deliver benefits for consumers and to drive the company’s long-term profitability.”
Jack Wills generated a revenue of £13.8m in the year from the sale of goods, down from £22.1m.
Its revenue from royalties also declined from £6.2m to £5.2m over the same period.