Stella McCartney sees revenues rise despite digital sales drop
Stella McCartney's financial results for the year ending 31 December 2021 reveal a 14% increase in revenue to £32.4 million.
In the UK, revenue totalled £5.3 million, compared to £3.8 million in 2020. Revenue outside of the UK reached £27.1 million, a rise from £24.5 million in 2020. The rise in revenue was led by "profit split income from group undertakings" of £12.2 million, compared to £2.1 million the year before.
Store sales increased 26% to £4.9 million, with the number of directly operated stores remaining unchanged at the end of 2021 compared to 2020.
However, digital sales through the brand's website dropped 78% to £2.3 million, largely due to a change in the business's operating model, with e-commerce revenue now being recognised as part of Stella McCartney Italia SRL.
The company also delivered a loss before tax of £32.7 million, compared to a £31.4 million loss in 2020.
Throughout the year, Stella McCartney remained "rooted in its strong sustainability values". The company participated in COP 26, as well as developed a new fungi-based 'Mylo' material.
Last year, Stella McCartney and LVMH's beauty division unveiled STELLA by Stella McCartney, a new line offering an alternative to luxury skincare, which they branded "Alter-Care". In keeping with the British fashion designer's approach to her clothing and accessories collection, the conscious skincare line is vegan and cruelty-free.