Handbag guru Hindmarch plans global expansion

 

British luxury handbag brand Anya Hindmarch plans expansion in the Middle East, Asia and the US, despite posting a 60 per cent fall in profits for 2011. It will open an outlet in Harvey Nichols in Kuwait next month and a store on Madison Avenue next year, as well as investing across the Middle East, Korea, Hong Kong and Japan.

Last month the business acquired a new part-owner: the Qatar Luxury Group, Sheikh Mozah's investment vehicle, which bought the 38 per cent stake owned by private equity group Kelso Place.

Last week, the company reported a 16 per cent jump in turnover to £23.2m, but the costs of growth cut profit to £330,000.

Worldwide sales jumped to £40m and gross margins increased by 20 per cent. 

Chief executive James McArthur, said: "We are on track with hitting our strategic plan milestones. We are continuing to invest, which is clearly the right decision given the tremendous excitement and energy around the brand".

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