Hindmarch handbagged as growth brings £1m loss
Friday 11 October 2013
The handbag designer Anya Hindmarch lost more than a £1m last year as the 26-year old British company invested in global expansion.
The company – which last year sold a 38 per cent stake to the investment vehicle of Sheikha Moza, the mother of the new Qatari emir, is using the funds to expand and to revamp its existing 58 shops.
Anya Hindmarch reported a 2.7 per cent jump in turnover to £23.8m but fell from a £330,000 profit in 2011 to a £1m loss. James McArthur, the chief executive, said: "We are investing heavily across the business in marketing, distribution, merchandising and talent.
"This investment will continue but there is great momentum in the business and we are delivering double-digit sales growth this year."
The eponymous founder retains a majority stake in the business and the rest is owned by management.
The group said that marketing spend had risen "threefold over the last two years" and new stores included a shop in New York's Madison Avenue.
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