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Hackett looks to overseas growth as profits surge

Men’s lifestyle brand Hackett is looking to grow its international presence in the Far East after reporting a boost in pre-tax profits rising to £6.2m in the year to March 31, up from £4.9m.

Sales at the retailer, which is owned by private equity firm L Capital, surged 27% to £96m with retail sales up 15% and wholesale sales soaring 31%.

Hackett said store openings at Heathrow Terminal 4 and Canary Wharf boosted turnover, while wholesale had been driven by growth in the Middle East and Western Europe, particularly in France, Germany, Switzerland and Spain.

Hackett said it will open in China, Malaysia and India next year through franchise partners, according to the Daily Telegraph.

The retailer said in a statement: “Looking forward Hackett aims to maximise the positioning of the brand and to continue global expansion especially in the Far East.

“To help achieve the potential of the brand overseas, Hackett will continue to seek business partners in the more challenging markets to bring local expertise and knowledge.”

In the UK, Hackett wants to “raise the brand’s profile” by refurbishing its flagships on Sloane Street and in Covent Garden and it will launch a new concept store in Spitalfields, east London. It is also seeking new store openings in mainland Europe.

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