Friday 29 November 2019 12:01 am

Asian expansion boosts Fortnum & Mason sales growth

London luxury food retailer Fortnum & Mason has reported double-digit sales growth in its full-year results, boosted by the company’s global expansion.

Sales across the business increased 12 per cent to £138m, while profits soared 26 per cent, driven by growth in Hong Kong and Japan where sales grew 16 and 28 per cent respectively.

Read more: Check it out: There’s a new Fortnum & Mason restaurant in the heart of the City

In April this year the company, which was founded in London in 1707, announced it would open a new flagship branch in Hong Kong, marking Fortnum’s first standalone store in Asia. 

In the 12 months to 14 July, Fortnum’s flagship store in Piccadilly reported a jump in sales of six per cent, while the retailer’s store at St Pancras International reported a 15 per cent rise in sales. 

Sales at the British brand’s 45 Jermyn St. restaurant increased 14 per cent on the previous year. 

Fortnum & Mason chief executive Ewan Venters said: “We are very pleased to report another year of strong growth across our business, particularly within the context of the significant challenges facing the retail sector. 

“Our reputation for delighting our customers around the world with the finest products and exceptional service drives us all to keep innovating and searching for the best partners and suppliers.

Read more: Retail sales improve in run up to Christmas

“I am delighted that before Christmas we will be trading from our first standalone store in Asia as we open a shop and restaurant in Hong Kong and we are now looking forward to a busy and successful Christmas.

“We believe the particular brand of festive cheer that Fortnum’s strives to deliver will be a welcome relief in these uncertain times.”

Main image credit: Getty