Vivienne Westwood hit by drop in profits despite jump in sales
Vivienne Westwood, the eponymous label of the fashion designer who helped set the style of the 1970s punk era, said tough conditions across the retail industry weighed on profits last year.
The independent fashion house said 2014 was a “challenging year” and that margins remained under pressure due to “the nature of wider retail conditions”.
As a result profit before tax declined by six per cent to £3m, from £3.2m in 2013, recent filings at Companies House show.
But the designer said there were “some positive signs”, as group turnover rose by 8.47 per cent to £32m.
The brand is looking to open new stores this year, particularly in the north of the country. It is also developing its website.
The company has been caught in controversy after it paid £1.6m in licence fees to Latimo SA, the group’s Luxembourg parent company.