LK Bennett revenues rise after winning over new fans in the US

Kasmira Jefford
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LK Bennett said online sales were particularly strong last year after revamping its website
LK BENNETT saw sales jump 4.4 per cent last year despite underlying earnings remaining flat as it invested in its online offer and opened more stores overseas.

The upmarket fashion brand reported sales of £95.3m for the year to 2 August, boosted by new store openings in Boston and Chicago as well as concessions in Spain. It also launched a flagship store on New York’s Madison Avenue last month.

LK Bennett is majority owned by Sirius Equity and Phoenix Equity Partners, who bought a stake from its founder Linda Bennett in 2008.

Robert Bensoussan, co-founder of Sirius, stepped back in as chief executive after Didier Drouet was ousted last year. He said: “While trading conditions remain challenging, we have entered 2015 well positioned to continue to deliver on our growth strategy.”

Sales through its website surged 43 per cent and now account for 13 per cent of all retail sales.

Earnings were flat at £3.6m “as a result of the investment in people and product,” LK Bennett said.