Footasylum's slew of store openings supports 'record growth'
Footasylum, the streetwear and sportswear retailer, has reported a year of ‘record growth’, with total revenues for the year ending 27 January 2024 up by 7% to £320 million.
The company, which was acquired by AURELIUS two years prior, reported online revenues accounted for 42% of total sales. EBITDA was also up by 38% to £22 million, representing an "all-time high".
Footasylum made headlines throughout the year with several store openings and upsizing across the UK.
Store openings and upsizing included:
- Opened a flagship 20,000 sq ft Oxford Street store
- Opened a 10,000 sq ft store in Lakeside Shopping Centre, Essex
- Opened an 11,000 sq ft store in Birmingham Bullring
- Opened a 6,000 sq ft store in Atria Watford
- Upsized store in Westfield Stratford, encompassing a new Women’s section
Since the period ended, Footasylum has already opened a women's store at Leeds White Rose.
Sales across all business channels including stores, online and wholesale, grew in the year. This was boosted by the new, next generation of digitally-led stores. This was closely followed by the implementation of a market-leading omnichannel point-of-sale system that enables Footasylum customers to shop seamlessly online and in-store.
Barry Bown, Executive Chairman and CEO of Footasylum, said: "FY24 was an extremely busy and productive year for Footasylum. With the support of AURELIUS, we have expanded Footasylum’s unique offering across the UK’s busiest high streets and shopping centres.
"Despite the fact that UK consumers are feeling the squeeze from continued inflation and higher interest costs, I am confident that Footasylum will keep on growing over the next 12 months. By continuing to identify the latest trends, and incubating new and leading fashion brands, Footasylum has a strategy that is highly effective and entirely consistent with the brand’s DNA."
Tobias Klaiber, Managing Director at AURELIUS Group, added: "We are delighted that Footasylum has achieved record results in its second financial year under our ownership. These numbers demonstrate that our growth and operational transformation initiatives are bearing fruit, and confirm Footasylum's distinctive position in a challenging market environment."
