£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 Is Gideon Levy the most hated man in Israel or just the most heroic?
- 2 Students offered grants if they tweet pro-Israeli propaganda
- 3 Exclusive: Cameron’s Big Society in tatters as charity watchdog launches investigation into claims of Government funding misuse
- 4 Satellite full of sexually experimental geckos adrift in space, Russia loses control of mission
- 5 Israel has discovered that it's no longer so easy to get away with murder in the age of social media
MH17 crash: Investigators discover more human remains and 'huge section of plane'
Susan Sarandon on David Bowie romance: 'He's worth idolising'
Students offered grants if they tweet pro-Israeli propaganda
A day in the life of Vladimir Putin: The dictator in his labyrinth
Exclusive: Cameron’s Big Society in tatters as charity watchdog launches investigation into claims of Government funding misuse
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
John Barrowman praised for Commonwealth Games opening ceremony gay kiss
iJobs Money & Business
£600 - £650 per day: Orgtel: Conduct Risk Liaison Manager - Banking - London -...
£18000 - £23000 per annum + Comission: SThree: SThree, International Recruitme...
£280 - £300 per day + competitive: Orgtel: Test Analyst, Edinburgh, Credit Ris...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree Group have been well e...