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Record sales at Radley London

Accessories brand Radley achieved its highest-ever turnover of £92.9m, up 8.2% on 2018, in the year to 28 April, despite the tough trading environment.

Underlying EBITDA increased by 9% to £6.9m, while international sales grew by 51% to £29.2m. Global online sales were up 7% to £13.7m and made up 18% of total sales.

Sales in the US were up 104% on the year to £19.2m, while wholesale sales grew by 58% in the Asia-Pacific region.

During the period, Radley expanded in the US through existing distribution channels Macy’s and QVC and its dedicated US website. It also launched on Tmall in China and in department store Myer in Australia.

Radley completed a restructuring of its UK distribution which will lead to it having fewer but better-quality stockists. The brand is launching footwear and men’s bags and accessories for Christmas.

During the year, it hired Mark Gifford as chairman, and Jackie Hay as chief product officer, to drive the elevation of the product positioning.

In the first 25 weeks of the current financial year, total retail sales were up 6.8% on last year.

Justin Stead, chief executive of Radley, said: “Notwithstanding the challenging full-price retail dynamics in our home market, we are delighted to report another improvement in our performance, delivering new record levels of sales and continued earnings growth. This is testament to the efforts we have made focusing on elevation in all areas of our business and particularly with our collections; making sure they are continually exciting and relevant. This will continue as we proceed with the further expansion and extensions to our international distribution, our improved online channels and investment in social media as well as brand elevation with key ambassadors. We are in a strong position, delivering growth in the current financial year and we expect this to continue.”

Readers' comments (1)

  • Very average ebitda considering top line price and discount driven performance which isn’t sustainable long term

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