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Barbour Sets New Sales Records Despite Decreasing Profits

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Barbour Sets New Sales Records Despite Decreasing Profits

Barbour accomplished its highest-ever sales last year, thanks to successful partnerships with upscale fashion labels, drawing in a fresh demographic of clientele.

The high-end retailer collaborated with well-known brands such as Gucci and Ganni to revitalize its image. Furthermore, joint ventures with the fashion brand Chloe and model Alexa Chung led to a nearly 20% sales uptick, totaling £343m for the year ending April 2023.

Steve Buck, Barbour’s managing director, acknowledged the impact of the lingering pandemic on their supply chain and the economic fallout from the cost of living crisis and the conflict in Ukraine. He emphasized the obstacles posed by elements such as soaring expenses, currency fluctuations, and fierce competition, which have affected profit margins across all platforms and markets.

Buck also noted that the upcoming year is anticipated to be challenging due to the cost-of-living crisis, market downturns, rising inflation, and the global uncertainty stemming from the conflicts in Ukraine and the Middle East. He assured that there are no intentions for further price hikes, underscoring the brand’s dedication to offering value to customers without aligning prices with cost hikes.

In response to mounting production expenses and reduced consumer spending, Barbour had to increase prices in February 2023, confronting what Buck referred to as “unusual challenges.”

Image Source: William Barton / Shutterstock

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