Karen Millen is ramping up the international arm of its business with 40 stores set to open next year as the womenswear retailer reported a drop in profits for its last financial year.
The London-based retailer plans to open stores in China, North and South America. It will open a flagship store on Fifth Avenue in New York in the spring.
The expansion, which will see Karen Millen operate 400 shops in 2014, which will an increase in its expansion from last financial year to March 2013, when it opened 35 shops in locations including Beijing, Shanghai, Kiev and Lithuania.
Karen Millen reported EBITDA of £13.5m for the 53 weeks to the end of March 2013, down from £13.5m on the previous year. The retailer said it ploughed more than £2m on “people, processes, technology and the brand” in the past year.
The business currently trades in 58 countries, with international sales accounting for 65% of turnover.
According to a report carried out by Karen Millen, 45% of its customers have been loyal to the brand for more than six years. Three quarters (76%) made more than four purchases in the last 12 months.