£14m bailout for Pringle after a sixth year in red
Monday 05 November 2012
Luxury brand Pringle of Scotland has posted its sixth consecutive annual loss and received a £14m bailout from its Hong Kong-based owners.
Pringle, which was bought by the textile billionaire Fang brothers in 2000, has struggled to turn itself into a luxury powerhouse like rival Burberry. The brand, famous for its diamond-patterned knitwear and twin sets, posted a £9.56m loss for the year to February, up on last year's £7.25m.
Sales shrank by 16 per cent to £8.52m for the year.
A Pringle statement said: "Sales performance continued to be affected by the global recession." But it added that it "continues to invest in the long-term development of the Pringle brand".
Despite the losses and the difficult economic climate, the Fang brothers have continued to support the brand, injecting £10m through an increase of share capital during the year and investing another £4.45m in the business since the year end to ensure its financial stability.
The brand is continuing to expand and increase its fashion credentials to combat the downturn in luxury spending. This month, it launched a Japanese diffusion line called Pringle 1815, produced by Tokyo retailer Sanyo Shokai.
The brand was founded in 1815 by Robert Pringle, as a manufacturer of hosiery and underwear in Scotland in 1815. It was sold off by Dawson International to the Fang brothers in 2000, and a restructuring process eventually led to the closure of its mill in Hawick in the Scottish borders in 2008.
Actress sees off speculation about her appearance in an amazing way
Powerful images of strays taken moments before being put down
The Washington Post editor helped Bob Woodward and Carl Bernstein bring down President Nixon
Children's bookseller wins The Independent's new author search
- 1 Salisbury ranked seventh-best city in the world to visit in Lonely Planet’s Best in Travel 2015
- 2 Disney announces new female-led film Moana
- 3 Banksy has not been arrested: Internet duped by fake report claiming artist's identity revealed
- 5 Russell Brand threatened with arrest after filming outside Fox News headquarters
Chicago voter tells Obama 'don't touch my girlfriend' – Obama stays super smooth
Oscar Pistorius: The brutal prison life that awaits disgraced athlete
Banksy has not been arrested: Internet duped by fake report claiming artist's identity revealed
Raphael Ravenscroft dead: 'Baker Street' musician who played the most famous saxophone solo for just £27, dies aged 60
Darren Vann: Indiana man arrested for murdering teenage prostitute confesses to six other murders - and police fear more
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
Jose Manuel Barroso warns David Cameron against making 'historic mistake' over immigration reforms
Of course, teenage girls need role models – but not like beauty vlogger Zoella
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: The SThree group is a world le...
£18000 - £23000 per annum + Comission: SThree: The SThree group is a world lea...
£20000 - £25000 per annum + OTE £Competitive: SThree: SThree Group and have be...
£23000 per annum + pension and 22 days holiday: Ashdown Group: An established ...