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Barbour Sets New Sales Records Amid Declining Profits

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Barbour Sets New Sales Records Amid Declining Profits

Last year, Barbour achieved its highest sales figures ever thanks to successful partnerships with upscale fashion labels, attracting a fresh wave of clientele.

The luxury retailer collaborated with esteemed brands such as Gucci and Ganni to revitalize its image. Moreover, joint ventures with fashion house Chloe and model Alexa Chung contributed to an almost 20% boost in sales, reaching £343m for the year ending in April 2023.

Steve Buck, Barbour’s managing director, acknowledged the impact of the ongoing pandemic on their supply chain, as well as the economic fallout from the cost of living crisis and the conflict in Ukraine. He underscored the challenges posed by factors such as high-cost pressures, exchange rate fluctuations, and intense competition, all of which have impacted margins across various channels and markets.

Buck also noted that the upcoming year is projected to be demanding due to the cost-of-living crisis, market contractions, heightened inflation, and the global uncertainty brought on by the conflicts in Ukraine and the Middle East. He reassured that there are no intentions to implement further price hikes, underlining the brand’s dedication to delivering value to customers without raising prices in line with cost escalations.

In response to escalating production costs and declining consumer spending, Barbour had to raise prices in February 2023, facing what Buck described as “extraordinary challenges.”

Image Source: William Barton / Shutterstock

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