Welcome to the new Independent website. We hope you enjoy it and we value your feedback. Please contact us here.

Business News

Ozwald Boateng has designs on the world


The Savile Row designer and bespoke suit maker Ozwald Boateng reported a fall in profit while he is in the process of relaunching the business as a global fashion empire.

The flamboyant designer is planning to open stores in major cities globally and hired former Burberry and London 2012 brand specialist Jalil Rahman to join as head of commercial last year. Pre-tax profits fell 88 per cent from £333,722 in 2011 to £37,137 for the year to April last year, with turnover down from £2.87m to £2.62m.

Mr Rahman said the new plan in place will significantly improve its fortunes.

A new website was launched last month and later this year it will sell and ship products across the world, including to China and the Far East.

Mr Rahman said: “We are on the cusp of an internationally significant expansion.”

He added: “While I was at Burberry it was about Britishness, London 2012 was about humanity and now at Ozwald Boateng it is about masculinity. There is so much opportunity for the brand.”

The company raised cash and bank debt to finance the expansion in late 2011.