Karen Millen’s most recent reported financial year – ended 28 February 2017 – was described as “one of change” for the retailer. During the period it appointed Beth Butterwick as chief executive and Emily Tate as chief financial officer. It relaunched its online platform, introduced new delivery options and embarked on a brand review.
Its operating losses were reduced by 12% to £9.2m during the year, despite a 1.2% dip in sales to £158.8m. Butterwick said the business had been “stabilised” and the groundwork is now being laid for a return to profitable growth.
She has outlined a three-pronged strategy, focusing on: product; stores and digital; and teams and processes. Initial changes are reportedly already having a positive impact. If this is borne out by its next set of financial results, we expect Butterwick to move further up the Top 100 next year.