British shirtmaker Thomas Pink’s operating losses widened by 20% to £23.5m in the year to 31 December 2018.
Turnover decreased by 41.6% to £15.4m in the same period. Gross profit increased by 91% to £14.5m.
The brand re-launched in November 2018. The company said “as a result, turnover for 2018 only benefited from six weeks of the new strategy”.
During 2018 and continuing throughout 2019, the company initiated the agreed strategic objective to: elevate the brand to the “highest levels of product quality”, deliver “exceptional” client experience, assess store profitability, resulting in the closure of unprofitable doors and roll out a new store concept to the retained store portfolio, open an internal shirt production facility in London and invest in communications to foster brand awareness.
In April this year, Thomas Pink rebranded to Pink Shirtmaker, and said it is repositioning as a more upmarket brand, introducing higher-end finishing, reining in discounting and pushing up its price-points. The brand, which is owned by LVMH, said it had become associated less with Jermyn Street and more with convenience.
Founded in 1987, the brand was named after 18th-century London tailor Thomas Pink.