Williamson trims losses

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The Independent Online

The British designer Matthew Williamson, famed for his celebrity fans including Kate Moss and Jade Jagger who starred in his graduation show, has reported a narrowing of losses for 2011. Cost-cutting has reduced full-year losses by 46 per cent to £142,518. Underlying profits moved into the black at £124,000 on turnover of £10.2m for 2011.

Its chief executive, Joseph Velosa, said: "The luxury market has been slowly recovering from the global recession. As a result the majority of our wholesale accounts continued to show caution." But Mr Velosa expects "controlled growth" in 2012.

Mr Williamson, who is celebrating his 15th year in business this year, has won new work recently including designing a collection for the US department store Macy's.