Meg Lustman has had a fantastic year at the helm of Hobbs, after she succeeded in turning its fortunes around. The womenswear retailer’s gross profit grew 8.7% to £76.2m for the year to January 28, while sales were up 9% to £119.5m.
The business has undergone a two-year turnaround programme led by Lustman, who joined in 2014. It involved shutting some stores, streamlining its head office and making improvements to its product ranges and its online capabilities.
Private equity owner 3i put Hobbs up for sale in January, and in November it was sold to TFG London, the owner of Phase Eight and Whistles, for an undisclosed sum. The sale is expected to help accelerate its success in the UK and abroad, with further store openings planned for 2018 and beyond.