Premium womenswear retailer LK Bennett is plotting international expansion after almost doubling pre-tax profits.
The chain posted £9.3m profits in the year to July 28 compared with £5m the year before, with the growth fuelled by its speedy international expansion, according to the Financial Times. Turnover rose 11.5% to £88.4m.
LK Bennett is now looking further afield to countries including Hong Kong and Australia to drive further growth.
Jim Sharp, a partner at Sirius Equity, one of LK Bennett’s private equity backers told the FT: “Asia is the next thing to go for. We’re not going to expand our base in the UK. There are enormous opportunities to grow in America.”
The retailer already has stores in the US, France, Holland and across the Middle East but will focus on building its online presence internationally instead of opening physical stores worldwide.
Sharp highlighted the continuing tough conditions on the UK high street and with consumers “price sensitive” LK Bennett and its competitors have turned to promotions. “[Rivals] are on sale earlier and for longer – and customers respond,” said Sharp. “We have to participate – but you rely on quality products. If a product is good, it will sell.”