Fashion Brief
Ted Baker hailed its transformation into a “global lifestyle brand” as the eccentric fashion label revealed strong sales growth in North America, Asia and Europe.
Ray Kelvin, founder and chief executive of the group, said the brand had performed well online and in stores around the world. “We’ve been designing the right product. It’s a very simple formula.”
The brand, which has 362 stores and concessions as far afield as China, Japan and Canada, said sales rose more than a quarter to £322m while pre-tax profits rose 35% to £39m.
Growth was particularly strong in the US and Canada, up 38%, as the company said its brand had gained recognition by opening an outlet on New York’s Fifth Avenue. Sales continued to power ahead in Britain where the group opened a new store at Gatwick airport and rebuilt its website, helping drive a 51% rise in online sales across Europe.
Kelvin, who launched the label as a shirt store in Glasgow, said the new online platform would help Ted Baker open internet stores around the world with plans to launch in Australia this year. “Its efficient, quick and easy to use,” he said.
He said the pace of high street store openings would slow as Ted Baker got existing outlets “motoring”.
“It’s just getting good,” he said. “We started the year very well. [The economy] has been tough but I think its getting better and we are cautiously confident.”
