The supplier said it would focus on store openings and private-label sales to complement its branded wholesale arm, which includes the Lepel and Charnos brands and accounts for about 70% of business.
Chief executive Carol Duncumb said any business focused on wholesale would be tested in the future. “A successful business must be underpinned by a solid strategy. We can’t be held hostage to fortune,” she said.
Duncumb blamed the loss on costs associated with growing the management team and a foray into retail. It will open in Nottingham and Derby this year. She said the private label had been “re-energised”, after adding M&S, House of Fraser and Bravissimo to its client list.
The group is now HoF’s sole supplier of private-label lingerie.