Menswear sales at Austin Reed are outperforming womenswear despite the economic downturn, according to the retailer’s chief executive Nick Hollingworth.
Speaking as the company released its annual results showing a pre-tax loss of £2m in the year to January, Hollingworth said the outperformance was unusual for the retailer, which normally experiences the opposite during a downturn.
He added that Austin Reed had been forced to put prices up across some of its products to address the rising cost of raw materials.
Hollingworth said: “We still have our Luxury for Less range, while our £500 suits are also seeing strong sales as people begin to invest in quality products that will last.”
The retailer opened a new, smaller, 20,000 sq ft London Regent Street flagship on Monday. Hollingworth said the old store, at 55,000 sq ft, was too big to fill with just own brand and had needed supplementing with others, whereas the new store is predominantly own label.