Luxury brand Pringle of Scotland has received a £14m cash injection from its Hong Kong-based owners after posting its sixth consecutive loss.
According to The Independent, the iconic knitwear brand lost £9.56m in the year to February compared to £7.25m in the previous year. Sales fell by 16% to £8.52m.
In a statement to the newspaper, the brand said: “Sales performance continued to be affected by the global recession.”
It’s billionaire owners, the Fang brothers, continued to support the long-term future of the brand investing £10m through an increase in share capital and a further £4.45m since the year end.
The heritage brand, which is nearly 200 years old, was acquired by the Fang brothers in 2000 and has been through a significant restructuring in recent years. Last month, it launched Japanese diffusion line called Pringle 1815 in a bid to boost its fashion credentials.