Experience Vivienne Westwood Limited’s remarkable 2022 journey, marked by both challenges and triumphs. In the wake of the founder’s unfortunate passing, the brand showcased resilience and growth, revealing impressive financial results in its recent annual accounts covering January to December 2022.
As a leading force in fashion, Vivienne Westwood Limited, known for its four clothing labels, leather goods, jewelry, and a diverse range of soft accessories and homewares, achieved a stellar 53% year-on-year increase in turnover, mirrored by a corresponding boost in gross profit.
Financial highlights tell a compelling story, with revenue soaring to £101.3 million and gross profit hitting £61.9 million. Operating profit and pre-tax profit witnessed substantial growth, rising from £19.8 million to an impressive £38.4 million. Net profit also experienced a noteworthy surge, climbing from £15.2 million to an impressive £30.89 million.
Operational improvements were evident across the board, with cash flow from operations surging from £6.9 million in the previous year to a robust £16.9 million. Both physical store sales and e-commerce thrived, registering a remarkable 65% increase and a commendable 39% rise, respectively. Noteworthy is the successful in-house transition of e-commerce operations, completed in September 2023, further optimizing efficiency.
Wholesale also played a pivotal role in the positive trajectory, witnessing an 80% year-on-year rise. Despite maintaining a steady gross profit margin at 61%, the company acknowledged the challenges posed by prevailing retail conditions. A strategic pricing review has been initiated to fortify the gross profit margin, with an unwavering commitment to this ongoing strategy.
The brand’s enduring appeal remains a focal point, with dedicated efforts to enhance existing stores and refine the brand’s positioning through the streamlined product portfolio. Ambitious plans include expanding presence in emerging markets like China and the US, coupled with a drive to increase market share in key European and Asian regions.
Environmental responsibility takes center stage in Vivienne Westwood Limited’s mission. Over 90% of non-blended virgin cotton jersey used in collections is sourced from certified organic yarns, with ongoing efforts to increase this percentage. Actively participating in the Canopy Style initiative, the company has achieved significant progress, with over 95% of non-blended viscose currently used in collections being FSC certified.
In addition to fashion excellence, Vivienne Westwood Limited champions eco-conscious initiatives. From fully plastic-free retail packaging to the commitment to eliminate all single-use virgin plastic from transit packaging, the brand stands as a beacon of sustainability. Explore the intersection of style and environmental stewardship with Vivienne Westwood Limited, where fashion meets a commitment to a brighter, greener future.
