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Vivienne Westwood plunges into the red

Luxury fashion house Vivienne Westwood reported a £2.5m loss for the year to 31 December 2018, compared with a £1.9m profit in 2017. 

Turnover fell by 4.9% to £38.76m in the same period, following the closure of two stores. However, wholesale sales remained stable, and increased by 0.22% on 2017. Net assets decreased from £13.6m in 2017, to £8.8m in 2018. 

The company said in a statement: “We are reviewing the lines currently available with the objective of streamlining the portfolio. The company is also undergoing a strategic review to create a new operating structure.”

It added: “The brand continues to remain attractive to its wider customer base and sales continue to be consistent. The focus remains on improving the existing stores and repositioning the the brand perception of the various Vivivenne Westwood lines. 

“The company still has major ambitions to establish a better presence in relatively new markets such as China and the USA as well as increasing market share in Europe (in particular France, Italy and Germany) and Asia. The policy of closely monitoring expenditures will continue and should maximise profitability going forward.” 

 

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