Preppy British fashion brand Hackett has defied the high street gloom to report a 30% increase in sales as wealthy tourists flock to its shop in London's upmarket Chelsea.
The retailer, best known for its brightly coloured polo shirts and chinos that are the off-duty uniform of City professionals, said sales jumped from £58m to £75.6m in the year to March, while profits rose from £3.6m to £4.3m.
Its co-founder and chairman Jeremy Hackett said it was "another successful year" for the brand as it exported its "distinctive British style" to new markets such as the Middle East. Trading on that heritage, it has opened a high-profile store, inspired by the facade of No 10 Downing Street, in the shopping centre within Dubai's Burj Khalifa, the world's tallest building. It is also looking for growth in European markets such as Germany and Italy.
Hackett enjoyed "positive" underlying sales in its stores and strong online growth during the year. It also saw a near 40% surge in orders from wholesale customers such as department stores John Lewis and Harrods. "The retail business saw healthy trading throughout the year and like-for-like growth resisting the impact of recession as this niche market continues to be robust against retail weakness," said Hackett, who has become a well-known commentator on men's fashion and even answers his customers fashion dilemmas via its website. With the weak pound boosting tourist numbers in London, he said that its Sloane Street store had achieved "record sales" during the year.
Despite the strong performance the retailer did not pay a dividend. The company noted: "The retail weather continues to be uncertain and vulnerable to the economic uncertainty with a mood of austerity in the UK and Europe. The increase in VAT rates across Europe and decrease in disposable income is an uncertainty that the directors consider constantly."
Hackett, which sponsors the British Army polo team and Aston Martin Racing, has humble origins, starting life as a stall on London's Portobello Road market in 1979. Hackett and his partner Ashley Lloyd-Jennings had spotted a demand for second-hand traditional men's clothing and accessories and the stall soon acquired a cult following.
It began opening stores in the 1980s and the business continued to expand until 1992, when it was snapped up by luxury brand Richemont. It changed hands again in 2005, when it was acquired by denim brand Pepe Jeans.
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