Classic men’s lifestyle brand Hackett is on track to hit €100m (£85.5m) sales in the year to March 31, 2011, driven by its international wholesale and retail expansion.
Speaking to Drapers at the International Herald Tribune Luxury Conference, Jeremy Hackett, the brand’s founder and chairman, said he expected “even better” growth in 2012, driven by expansion in new markets like the US and Middle East.
The sales would make a 47% increase on the previous year’s performance when global sales climbed 9.8% to £58m, while sales in the UK rose 10.2% to £22.3m. Profits after tax rose to £3.6m compared with a £753,000 loss in 2009 during the period.
Hackett, which has 950 stockists worldwide, grew wholesale turnover 11% over the period. The brand said UK wholesale was performing well at department stores Harrods and John Lewis, and that it had increased its European reach via franchise stores and concessions.
Hackett’s retail arm, comprising 22 stores globally, increased sales 5% over the period. UK retail sales benefited from a full year of trading at shopping centre Westfield London and strong online growth.
Hackett, which is owned by premium denim brand Pepe Jeans, cut its operating costs by 8% over the year to March and it focused on leveraging economies of scale - a strategy it said it would continue to pursue.
Ownership of Pepe Jeans is split between Pepe’s management, which owns 30%, and three private equity firms. Spanish investment firm Torreal has a 31% stake, and did have a majority share until August 2010 when it sold 16% to Arta Capital and 12% to L Capital.