LK Bennett boosted by international expansion
LK BENNETT, the upmarket womenswear brand, has shrugged off the economic gloom to report a 17 per cent rise in full-year profits to £54.6m.
The retailer, which runs 107 shops in the UK and 40 in Europe and US, said “excellent growth” in internet sales and a strong expansion overseas had helped drive sales up 18 per cent to £44m for the year to 30 July.
LK Bennett is majority owned by Sirius Equity and Phoenix Equity Partners, who bought a stake in the retailer from its founder Linda Bennett in 2008 for £100m.
The brand has been rapidly expanding its presence in the US, where it now has five stores and eight concessions and is looking to break into Middle Eastern and Asian markets after launching its first store in Dubai in October.
Robert Bensoussan, LK Bennett’s chairman and co-founder of Sirius, said: “the strong British heritage of our brand travels well and the diversification of our product range across clothing, shoes, bags and accessories has ensured we are trading well in all our new markets.”