Hackett London, the celebrated tailor of Savile Row, has successfully recovered from the negative effects of the pandemic, as indicated by strong sales and reduced losses for the year ending in March. During this period, the company saw an impressive 47.41% increase in turnover, reaching £87.7 million. This positive trend marks the brand’s return to normalcy following the previous year’s lockdowns. Additionally, Hackett experienced a significant improvement in its EBITDA, shifting from a loss of £8.55 million to £4.06 million.

Although the company recorded a net loss of £1.6 million for the year, this figure is considerably smaller compared to the previous year’s loss of £20.5 million. These losses can be attributed to various one-off costs. Hackett attributes its strong performance to a remarkable surge in sales through both full-price physical stores and outlet stores. Sales in full-price physical stores saw an impressive increase of 410.7%, while sales through outlet stores rose by 236.3%. These figures indicate a substantial recovery from the previous year’s lockdown, which saw a decline of 82.3% in full-price store sales and a drop of 73.7% in outlet store sales.

As of the end of the financial year, Hackett London maintained 13 full-price stores in the UK and six outlets. The closure of the Kilver Court store was due to the closing of the center itself. However, the brand opened a new outlet store in Braintree to compensate for this closure. Furthermore, in order to maximize returns, Hackett repositioned its Gunwharf and Westfield stores to smaller spaces.

Apart from retail sales, the wholesale channel also experienced an improvement, with a 24.2% increase in sales compared to a 29.5% drop in the previous year. The company also witnessed steady growth in e-commerce, with a 6.5% rise on top of the 85.2% increase during the previous lockdown year. This positive trend in e-commerce is notable, as many luxury brands reported a decline in online sales after the reopening of physical stores.

Hackett London emphasized the significance of its ongoing transformation plan, which was initiated in the 2020/21 year. The brand aims to further digitalize and automate its systems and processes. While the online platform has played a crucial role in its success, the reopening of physical stores has reaffirmed their value. Hackett is focused on finding the right balance between online and physical retail to enhance the overall customer experience. Looking ahead, the company remains optimistic about its future prospects as it continues to navigate the evolving landscape of the fashion industry.

Useful links:
1. Hackett London Official Website
2. Savile Row Style Magazine