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The UK based manufacturer and retailer of iconic leather satchel bags has recorded a loss of £1.4 million (US$1.78 million) for the year ended June 30, 2019, representing a fourth consecutive year of losses.
Losses for the Cambridge Satchel Company were 74% higher in the year, compared with 2016/2017. Net sales declined 4% to £11.2 million (US$14.24 million), while gross profit declined 22% to £4.9 million (US$6.23 million). Pre-tax losses were £1.5 million (US$1.9 million) in the period, compared with £746,000 (US$948,632) in the previous year.
Julie Deane, Founder, Cambridge Satchel Company, said they will focus on developing business in China. “The Chinese market is important to the brand and the directors feel that spending time and money on developing a solid base from which to grow is the correct approach”, said Deane. Since June 2018, the British brand has been working on a dedicated website for China.
Sources: Retail Gazette/Drapers