Aspinal of London bags strong growth through expansion and ecommerce

 
Alys Key
Follow Alys
Aspinal of London - Presentation - LFW September 2016
Aspinal is famous for its leather goods (Source: Getty)

Luxury leather goods company Aspinal of London maintained momentum last year as an improved online business helped to push up sales.

The brand, which primarily makes high-end handbags, wallets and purses, reported a 24 per cent rise in sales to £29.4m in the year to March 2017. This kept pace with a 27 per cent rise in sales during the same period the year before.

Read more: Luxury brands are finally beefing up their boards with ecommerce experts

Much of the growth was down to improvement of ecommerce operations. Using data to increase repeat purchasing and the amount bought by each customer, Aspinal pushed up online revenue by 36 per cent.

Aspinal noted that it had opened new stores in Leeds and Edinburgh, as well as new concessions stands, increasing the number of retail locations to 24 from 21. This boosted retail revenue by 17 per cent.

Luxury sales in the UK have been boosted by the weaker pound, attracting overseas shoppers to buy high-end goods in London.

Read more: Ted Baker's shares take off on strong Christmas sales

Wholesale and franchise delivered an increase in revenue of 45 per cent in the period, as European and Middle East consumers snapped up Aspinal's products. Like other luxury brands, China remains a priority for the group, and it plans to expand into the region with a new strategy.

Having reviewed the impact of Brexit, the British brand has said it will continue to hedge currency exposure, but that any negative impacts of the exchange rate are partly mitigated by its sales overseas.

Read more: This $1bn jewellery brand has chosen London for its first store in Europe

Related articles