Kurt Geiger has posted “record” profits and handbag sales despite weaker demand in the wider luxury market.
The footwear and accessories brand saw its profits increase by 34% to exceed £40m in the year to February as the group said it now continues to build on a “stand-out year”.
Kurt Geiger sales rose by 10% to £360m, driven by rising global demand for its “affordable luxury” handbags, which have now become the group’s bestselling product. Its handbag division saw record sales of £116m.
Across North America, gross sales have grown from £2.5m in 2018 to £255m today, while the US website saw revenues almost double to £29m year on year.
Kurt Geiger opened eight new stores in the UK in the past year, including a 3,000 sq ft global flagship on Oxford Street.
The group said the Oxford Street store has “exceeded all sales predictions” since its October opening, with it potentially becoming the most profitable shop in its history.
Speaking about its recent success, Kurt Geiger chief executive Neil Clifford said: “Quite simply, we stand out from the crowd. Our brand has a unique design aesthetic – fun, colourful and instantly recognisable.
”That, combined with a strong British DNA and an incredible value proposition – we’ve filled a white space with bold, maximalist silhouettes at an affordable price point.
“2024 is on track to smash all of our most ambitious predictions, with our global footprint growing exponentially, driven by handbags, now our largest product category in all markets.”
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