AllSaints, the luxury fashion company, reported record sales and profits for the year to January 28, supporting a trend in which high-end goods have boomed despite the cost-of-living crisis.
Sales grew by 36% in the twelve months to reach £473 million, while profits jumped 50% to come in at just over £58 million, according to the group’s unaudited results.
Peter Wood, the group’s chief executive officer, believes customers have been able to afford luxury products because they are cutting back on other discretionary items, attributing his company's success to strong product development, “e-commerce excellence” and growing its global store network.
“No one is immune from the cost-of-living crisis, but if you love fashion then maybe there are some things you hold on to and other things that you buy less of,” he said.
Underwear sales were one of the strongest growing categories with revenues tripling year-on-year, while Wood was quick to point out the positive impact of entering the mainland Chinese market, which has been a source of success for numerous luxury retailers since it reopened its borders this year.
Wood concluded: “AllSaints continues to go from strength to strength, with 25% growth in the 2023 financial year and entry into mainland China for the first time being just two of a long list of recent milestones for the brand.
“Given the strong momentum across both brands and our proven resilience in even the most challenging consumer environments, we remain hugely confident in the Group’s future prospects.”
Lamborghini is also proving the luxury boom is still alive, currently on track for a record year, it posted €1.4 billion in half-year revenues, meanwhile fashion group LVMH, even after lukewarm interims, saw its share price jump 17% in 2023 to become the fourteenth largest company in terms of market cap.