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The British upmarket leather goods brand Aspinal of London has reported a 27% sales increase in its latest financial year, increasing its attractiveness as a takeover target for European and Asian investors.
Aspinal of London reported sales up 27%, reaching £23.7 million (US$29.2 million) in the 12 months ended March 31, 2016. European and Asian investors are reported to have shown growing interest in the brand after the fall in the pound sterling since the results of the referendum vote in June 2016.
However, the company’s investments in new stores, contributed to losses of £2.3 million (US$2.83 million), up from £1.5 million (US$1.84 million) a year earlier.
In May 2016, Aspinal of London gathered advisors from accountancy firm PricewaterhouseCoopers to help find new investors to back its international expansion plan.
Sales in the current financial year are expected to hit £28 million (US$34.38 million), with December trading up 35%. The brand plans to increase store numbers from 21 to 30 by March 2018.
Source: The Standard