Crew Clothing, the UK premium lifestyle brand, saw strong sales in 2017, particularly in light of the current challenges faced across UK retail. The results were driven by the continuing investment strategy that began in 2015 in rebalancing the store portfolio and enhancing the online proposition and product ranges.
Since Livingbridge Private Equity disposal of the business in December 2017, Crew has continued to invest very selectively under its new ownership in the store portfolio with three new store openings or relocations so far this financial year, these have been in towns and cities with a history of profitable trading for the brand.
Unlike many other UK retailers, some of which have been highly reported in the media, Crew has a well-balanced store estate which doesn’t require aggressive further expansion and is not overspaced or over-leveraged relative to consumer demand, giving the brand confidence as it continues to rebalance revenues going forward.
David Butler (CEO) commented: “Crew Clothing, as a well-established UK premium brand, has performed strongly across all channels this fiscal year to date post its acquisition in December 2017. In summary with Retail LFL +5%, E-commerce +12%.
“We are approaching the key peak period with confidence that our strategy is well positioned to deliver despite the current challenges for UK retailers.
“As a brand with strong heritage and a loyal, clearly defined customer base we are relentless in maintaining and developing our product collection to further build that loyalty. We believe this will strongly support and protect our revenues and channel development given the profile of our core consumer which is less impacted by the well-publicised challenges facing UK disposable incomes.
“Crew is well placed to explore further channels and to develop existing and new product categories which will complement its current revenues and customer needs moving into 2019.”