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Royal wedding and global growth boosts Alexander McQueen

Alexander McQueen saw strong growth in 2011, with an operating profit of £5.15m at the end of the year – up from £3.86m in the preceding 12 months.

The luxury label saw turnover grow by nearly £8m to £40.67m. Cost of sales increased by more than £5m however, while administrative expenses rose nearly £2m. Profit retained for the financial year came in at £3.97m, up from £3.28m in 2010.

The label now has net debt of £5.967m.

The directors described 2011’s performance as “excellent”, highlighting the impact one-off events such as the Royal Wedding – in which the future Duchess of Cambridge’s wedding dress had been designed by Alexander McQueen’s creative director Sarah Burton – were having on the brand.

“This performance will allow the brand to maintain a strong momentum in sales over the coming years,” the directors’ report said.

Global distribution during the period was “outstanding”.

Looking ahead, the report noted the development of a “strong presence in the Middle East”, shop-in-shop concepts and international franchise networks. In January 2012, the Kuwait Franchise opened, while June saw the launch of a Miami store.

“As a fashion and lifestyle company, every new season confronts the brand with the risks that the new collections may be received less positively than anticipated,” it added.

“Constant market observation and regular attendance of international fashion events ensure that trends are identified early on to serve as a basis for the collection development. Moreover, Sarah Burton’s unanimously acclaimed first collections confirmed the brand deals appropriately with this risk.”

Burton won Designer of the Year at the 2011 British Fashion Awards.

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