Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Paul Smith profits jump £3m

British designer label Paul Smith has paid out a £3.4m dividend after a bumper year in which profits hit the £25m mark.

Sir Paul Smith, who founded the iconic menswear business in the 1960s, took home £2m with the remainder of the pay-out going to Itochu, the Japanese business which manufactures and sells his collections in Asia.

According to figures filed at Companies House, profits rose £3m to £25m in the year to June 30. Group sales rose to £174m from £168m, driven by new shop openings.

However, the business said that wholesale orders fell off during the year and trading was challenging in the Japanese market.

In a statement, the business said it “continued to grow total sales, with a reduction in wholesale orders being more than offset by increased retail sales resulting from new shops, as well as increased like-for-like sales in existing shops and the internet.

“Despite a difficult Japanese market, royalty sales have remained strong.” Smith said the performance was “very pleasing given the challenging economic climate”. The highest paid director, thought to be Smith, took home a £3.3m salary.

Paul Smith has 15 shops and concessions in the UK and 200 shops worldwide, in markets including Japan, Paris, Milan, New York and Hong Kong.

Smith, who controls the company as both deisgner and chairman, sold a 40% stake in the company to Itochu in 2006.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.