Vivienne Westwood reports profits of £2.7 million
Luxury fashion house Vivienne Westwood has reported profits of £2.7 million in 2019, compared to a £2.5 million loss the year prior.
Turnover increased by 19% to £46 million for the same period. The company also had an increase in retail sales of 10%, whilst wholesale sales rose by 59%.
The company was also able to retain all 270 members of staff in 2020, as the fashion house confirmed it had received Government money to pay its staff during the COVID-19 peak.
In a statement as part of documents on Companies House, the business said: "The brand continues to remain attractive to its wide customer base and sales continue to be consistent. The focus remains on improving the existing stores and clarifying the positioning of the Vivienne Westwood brand by focusing the offer through a streamlining of the portfolio of lines.
"The company is also undergoing a strategic review to create a new operating structure. This would allow the Company to optimise processes and the overall efficiency of the business.
"The Company experienced the profound impact of the COVID-19 pandemic. The full effect on the business is still unknown but the Company believes its cash reserves and careful cash flow management will mitigate any major repercussions."