Luxury footwear designer Christian Louboutin has taken home part of a £3m dividend from his UK business despite dwindling profits and flat sales.
According to This is Money, the founder of the French fashion brand reportedly took home part of the dividend, which was paid to the brand’s parent company, as profits in the UK dropped to £1.1m from £5.7m.
Louboutin blamed a challenging retail climate in the UK, as sales edged up 0.3% to £52.7m in the year to 31 August 2017.
The brand said the weaker pound following the UK referendum vote led to higher purchasing costs, adding that the economic outlook continues to be uncertain.
However, the company said its stores performed well and it is confident of longer-term sales growth.
Drapers has contacted Christian Louboutin UK for comment.