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Alexander McQueen achieves profitability

Alexander McQueen has achieved profitability and is gearing up for further international expansion on the back of positive trade.

 

The business said it has met the undisclosed financial target set out by parent company Gucci Group in 2004 by developing the business which today boasts a mix of women’s and men’s wear, accessories and licensing.

Accessories are a key area of growth, accounting for 30% of total sales. The Elvie bag (launched a/w07) and the Flapper (launched s/s08) became bags of the season prompting strong sales in the category.

Since 2004 the business said it has grown three fold and now has a presence in multi-brand department stores worldwide as well as stand-alone stores in London, New York and Milan.

Recent openings include Moscow and Las Vegas and Alexander McQueen is gearing up to roll out a Middle East focused retail strategy.

Franchise stores are planned for Beirut, India, Jeddah and Bahrain over the next three months and stores in Qatar, Kuwait and Dubai are expected to open during the latter half of the year.

The McQ diffusion brand, which launched in 2006, continues to show growth with distribution in all major global markets with franchise openings planned in Asia and Europe.

Designer Alexander McQueen said: “I was never in any doubt about the success of McQueen. My concept for the company has been consistent from the beginning – to lay a foundation to build a company that had longevity and a sense of history without losing my integrity. I owe its success to all the loyal staff at McQueen, the foresight of PPR and Mr Polet and my chief executive Jonathan Akeroyd.”

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