Premium womenswear chain Karen Millen is expected to report profits of £21m for the year to February 2011 when it publishes its annual accounts next month.

According to the Sunday Times, it is expected that the retailer will report a 5% increase in profits and a 15% rise in turnover compared with the previous year.

Stores and concessions in Russia and other countries making up the former Soviet Union are believed to have contributed to a large part of the growth.

Chairman Derek Lovelock said: “Last year was good for the company. This year the UK is softer, but we have good representation in the Middle East, and the Far East and Benelux are holding up much better.”

Karen Millen, which is 90% owned by Icelandic bank Kaupthing, has 94 stores in Britain as well as a further 120 concessions and franchises around the world.

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