Rixo sees turnover rise almost 70% in 2022
Womenswear label Rixo has reported a strong post-pandemic comeback with turnover rising 69.7% during the financial year ending 20 June 2022.
Rixo operates its business through its independent stores, wholesale to independent stores, sales through department stores, and via its own e-commerce channel.
During the 2022 fiscal year, turnover stood at £17.41 million compared to £10.26 million the year prior, up by 69.7%. EBITDA rose to £4.82 million, up by 27.7% year-on-year.
Meanwhile operating profits stood at £4.55 million in comparison to £3.54 million in the year prior. Gross profit totalled £11.93 million (£7.24 million the year prior).
Rixo said the “success of the company” covered all of its channels. Its two London stores and wholesale operations, in particular, benefited from reopening post-COVID.
Rixo is set to open a new store in April on King’s Road, bringing its print-led contemporary designs to the historic area. The new store replaces its current location on King's Road and follows the opening of other stores on Marlyebone High Street and Carnaby Street.
The store will be over 5,000 sq ft and will feature its full range of womenswear, alongside a bar and coffee shop. The company said it had been planning the flagship from the very early days of Rixo but the ideal space only became available last September.
This news follows Rixo's London Fashion Week event, presenting the AW23 collection entitled 'Goddess of the Nile'. The event, which took place at London's St Pancras Hotel, saw the womenswear business take a new direction and offer a catwalk-presentation hybrid to members of the press.
Read TheIndustry.fashion's interview with Rixo's Co-founder, Henrietta Rix.