30 June, 2021 - 01 July, 2021
05 July, 2021 - 08 July, 2021
06 July, 2021 - 08 July, 2021
10 July, 2021 - 12 July, 2021
14 July, 2021 - 16 July, 2021
Ho Chi Minh City, Vietnam
Following a 19% drop in sales and the closure of most of its bricks and mortar stores, the London-based accessories brand is set to prioritise e-commerce and international expansion, according to reports in The Times.
Having closed all stores during the Covid-19 lockdowns, choosing not to renew or early surrender 12 leases, negotiating rent reductions on the remaining stores and with wholesale partners such as Debenhams cancelling orders from March 2020, Radley had an operating loss of £1.7 million (US$2.3 million) for the year at the end of April 2021, compared with £5.2 million (US$7.2 million) profit in the same period in 2020, according to The Times. Sales reportedly fell 19% to £75.3 million (US$104.8 million).
Radley’s online sales rose 53% in the first half of its financial year, as shoppers focused on online shopping. Its physical retail presence, meanwhile, has reduced from 35 standalone stores in 2019 to just two in 2021.
The Times reports that the brand is looking to expand to the U.S. and China, opening local sales offices in both countries. This follows from a 64% rise in Chinese sales in the first half of the financial year. Online purchases accounted for half of the group’s overall sales.
Source: The Times