£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.
- 1 This restaurant has misunderstood the concept of 'cheese and biscuits'
- 2 Raif Badawi, the Saudi Arabian blogger sentenced to 1,000 lashes, may now face death penalty
- 3 Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
- 4 PornHub turns masturbation into energy in bid to save the planet
- 5 Have sex with your iPad thanks to the new sex toy no-one asked for
Raif Badawi, the Saudi Arabian blogger sentenced to 1,000 lashes, may now face death penalty
Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
PornHub turns masturbation into energy in bid to save the planet
Spiritual leader allegedly manipulated 400 men into removing testicles to be 'closer to God'
The 'sex selfie stick' lets you FaceTime the inside of a vagina
New theory could prove how life began and disprove God
This is what it's like to be dead, according to a guy who died for a bit
End of the licence fee: BBC to back radical overhaul of how it is funded
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
iJobs Money & Business
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£15000 - £16000 per annum: Recruitment Genius: A Customer Service Advisor is r...
£22000 per annum + pension,bonus,career progression: Ashdown Group: An establi...
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...