Sales surge at Vivienne Westwood in full year results
Vivienne Westwood has released its financial results for the year ending 31 December 2022, revealing an increase in profits despite pandemic-related challenges.
The company said that the brand continues to "remain attractive to its wide customer base and sales continue to be consistent".
Vivienne Westwood was, of course, impacted by the pandemic, with all of its stores across the UK facing lockdown periods during the financial year. However, turnover still increased by 57% to £66.2 million, compared to £42.1 million in 2020.
Physical store sales grew 56%, whilst ecommerce sales increased 62%. The company also saw wholesale revenue rise 62%.
For the full year, Vivienne Westwood also shared the following results:
- Gross profit of £40.3 million, compared to £22.3 million 2020.
- Gross profit margin up to 61%, compared to 53% in 2020.
- Profit before tax of £19,341, compared to £3.9 million in 2020.
- The business had 248 employees, a drop compared to 257 in 2020.
The company also continues to focus on its environmental impact, working to source more sustainable materials and components. In addition, retail packaging is now 100% plastic-free and the company is working to eliminate all single-use virgin plastic from transit packaging, alongside a variety of other green initiatives.
The announcement follows the recent death of Dame Vivienne Westwood. The news was confirmed by the official twitter account for her eponymous brand. It read: "Vivienne Westwood died today, peacefully and surrounded by her family, in Clapham, South London. The world needs people like Vivienne to make a change for the better."
Shortly before her death, a filing on Companies House revealed that Westwood’s close friend Jeff Banks was made Director of the business.
Read TheIndustry.fashion's feature on Dame Vivienne Westwood: Highlights of the British icon's six-decade career.