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Womenswear drives growth at Bestseller

Net turnover at Danish brand house Bestseller rose 3.3% to €3.3bn (£2.9bn) in its 2017/18 financial year, boosted by growth in womenswear.

The company’s profit before tax rose 14.9% year on year to €387m (£343m).

Owner and CEO Anders Holch Povlsen said: “Our [womenswear] brands have formed the basis of our turnover growth, while our [menswear] brands’ gross profit development is the main reason for our positive bottom line.

”The overall results from our kidswear brands have proven disappointing, but we are paying close attention to the area and expect to see a positive change in the current financial year.”

Bestseller warned it had “not managed to steer clear of the current challenges in the market” in the first quarter of the new financial year. However, it plans to open 250 new stores globally in 2018/19, alongside focusing on improving its online business.

It also predicts “modest gains” from the recent divestment of its Middle East business, which had been running at a loss.

Bestseller has offices in 22 countries, sells in 70 markets, has 2,700 owned and franchise stores, 15,000 stockists, and more than 15,000 employees.

Of its 26 brands, 17 are available in the UK – including Jack & Jones, Noisy May, Vero Moda, Mamalicious and Selected – through 380 wholesale accounts.

In early December, Bestseller will launch its new sustainability strategy. Drapers visited Bestseller’s HQ at the end of October to find out more about its approach. Read about it here

 

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