Latest news with #Britishness'
Fashion Network
22-04-2025
- Business
- Fashion Network
Fairfax & Favor targets US expansion despite tariffs
British brand Fairfax & Favor is continuing its focus on US expansion, despite the current tariff situation that could impact trade between the UK and US for the foreseeable future. The company has seen a strong period or 'organic' growth in America, co-founder Marcus Fairfax Fountaine told The Times. He added that 'the opportunity to expand there massively outweighs the challenges'. The decade-old 'rural vogue' label began life as a niche equestrian-inspired footwear brand, but now also includes a full line-up of outerwear for woman and men, plus bags and other accessories. The company is targeting a major jump in US revenue to 20% of its total sales within three years, up from 10% at present and 3% just two years ago. But the UK remains its core market — apart from those US sales, its sales from the rest of the world currently make up only around 1% of its total. The firm's accounts for the year to March 2024, filed at Companies House, show turnover of £36 million, up by only £1 million year on year but having seen 50% US growth. Pre-tax profits dipped from £4 million to £2.5 million as a result of store opening and warehouse investment. It has nine stores in market towns across the UK, as well as one in the US. Fairfax Fountaine told the newspaper that American shoppers are drawn to the 'Britishness' of the brand 'and the fact Zara Tindall is a customer. She's the kind of person our customers tend to like'. Tindall, a British equestrian Olympian, is the daughter of Princess Anne and became an ambassador for the label last month. Like other niche rural brands, the company has focused on reaching customers via outdoor events and the co-founder told The Times that it will double its presence at such events across the US (including the Kentucky horse trials). And it's looking at opening more stores there following its debut location at the Tryon International Equestrian Centre in North Carolina that opened its doors in 2023. Fairfax & Favor may sound like the kind of name anyone searching for a British-country-heritage-meets-the-US type of moniker might come up with. But in fact, it simply reflects the founders' names. It's clearly part of Fairfax Fountaine's name and he founded the brand with his childhood friend Felix Favor Parker in 2013. Manufactured in the UK, Portugal and Spain, it has become a regular feature at events such as the Cheltenham Festival and is also a celebrity favourite.
Fashion Network
22-04-2025
- Business
- Fashion Network
Fairfax & Favor targets US expansion despite tariffs
British brand Fairfax & Favor is continuing its focus on US expansion, despite the current tariff situation that could impact trade between the UK and US for the foreseeable future. The company has seen a strong period or 'organic' growth in America, co-founder Marcus Fairfax Fountaine told The Times. He added that 'the opportunity to expand there massively outweighs the challenges'. The decade-old 'rural vogue' label began life as a niche equestrian-inspired footwear brand, but now also includes a full line-up of outerwear for woman and men, plus bags and other accessories. The company is targeting a major jump in US revenue to 20% of its total sales within three years, up from 10% at present and 3% just two years ago. But the UK remains its core market — apart from those US sales, its sales from the rest of the world currently make up only around 1% of its total. The firm's accounts for the year to March 2024, filed at Companies House, show turnover of £36 million, up by only £1 million year on year but having seen 50% US growth. Pre-tax profits dipped from £4 million to £2.5 million as a result of store opening and warehouse investment. It has nine stores in market towns across the UK, as well as one in the US. Fairfax Fountaine told the newspaper that American shoppers are drawn to the 'Britishness' of the brand 'and the fact Zara Tindall is a customer. She's the kind of person our customers tend to like'. Tindall, a British equestrian Olympian, is the daughter of Princess Anne and became an ambassador for the label last month. Like other niche rural brands, the company has focused on reaching customers via outdoor events and the co-founder told The Times that it will double its presence at such events across the US (including the Kentucky horse trials). And it's looking at opening more stores there following its debut location at the Tryon International Equestrian Centre in North Carolina that opened its doors in 2023. Fairfax & Favor may sound like the kind of name anyone searching for a British-country-heritage-meets-the-US type of moniker might come up with. But in fact, it simply reflects the founders' names. It's clearly part of Fairfax Fountaine's name and he founded the brand with his childhood friend Felix Favor Parker in 2013. Manufactured in the UK, Portugal and Spain, it has become a regular feature at events such as the Cheltenham Festival and is also a celebrity favourite.
Fashion Network
22-04-2025
- Business
- Fashion Network
Fairfax & Favor targets US expansion despite tariffs
British brand Fairfax & Favor is continuing its focus on US expansion, despite the current tariff situation that could impact trade between the UK and US for the foreseeable future. The company has seen a strong period or 'organic' growth in America, co-founder Marcus Fairfax Fountaine told The Times. He added that 'the opportunity to expand there massively outweighs the challenges'. The decade-old 'rural vogue' label began life as a niche equestrian-inspired footwear brand, but now also includes a full line-up of outerwear for woman and men, plus bags and other accessories. The company is targeting a major jump in US revenue to 20% of its total sales within three years, up from 10% at present and 3% just two years ago. But the UK remains its core market — apart from those US sales, its sales from the rest of the world currently make up only around 1% of its total. The firm's accounts for the year to March 2024, filed at Companies House, show turnover of £36 million, up by only £1 million year on year but having seen 50% US growth. Pre-tax profits dipped from £4 million to £2.5 million as a result of store opening and warehouse investment. It has nine stores in market towns across the UK, as well as one in the US. Fairfax Fountaine told the newspaper that American shoppers are drawn to the 'Britishness' of the brand 'and the fact Zara Tindall is a customer. She's the kind of person our customers tend to like'. Tindall, a British equestrian Olympian, is the daughter of Princess Anne and became an ambassador for the label last month. Like other niche rural brands, the company has focused on reaching customers via outdoor events and the co-founder told The Times that it will double its presence at such events across the US (including the Kentucky horse trials). And it's looking at opening more stores there following its debut location at the Tryon International Equestrian Centre in North Carolina that opened its doors in 2023. Fairfax & Favor may sound like the kind of name anyone searching for a British-country-heritage-meets-the-US type of moniker might come up with. But in fact, it simply reflects the founders' names. It's clearly part of Fairfax Fountaine's name and he founded the brand with his childhood friend Felix Favor Parker in 2013. Manufactured in the UK, Portugal and Spain, it has become a regular feature at events such as the Cheltenham Festival and is also a celebrity favourite.
Yahoo
30-01-2025
- Business
- Yahoo
Mulberry has ‘neglected to connect' with UK shoppers, says boss
Struggling luxury bag maker Mulberry has 'neglected to connect' with British customers in recent years and plans to sell more bags in the UK, rather than China, to make the company profitable again. Chief executive Andrea Baldo told the PA news agency the company has 'lost so much business' in the UK in recent years that there is 'a huge space' for the company to grow. Founded in 1971, London-based Mulberry is most famous for its luxury leather handbags. But it has seen profits nosedive of late, partly as a result of waning appetite for luxury goods among Chinese consumers, previously a key market for the fashion company. Mr Baldo said the company will focus less on China and close 12 stores across its Asian estate while aiming to open more shops in UK cities in future. It will also re-enter the wholesale and outlet sales markets, including by striking new deals to sell its items at John Lewis and Flannels. Mulberry has no presence in Birmingham or Liverpool, he said, and it will look to expand in those cities in future. The UK expansion comes after retailers such as Marks & Spencer have warned that rising company taxes and falling consumer sentiment could hit their home market. While Mr Baldo admitted those factors are 'a challenge', he added: 'With the right product, distribution and communication, we are able to take advantage (of the UK market) no matter where the economic conditions are.' Mr Baldo, who joined last year from luxury brand Ganni, wants the company to focus on its 'Britishness' and 'cultural relevance' and simplify the business to counter plunging profits. He laid out plans to cut costs by a quarter compared with the last financial year, following a period of 'suboptimal' performance. Mr Baldo also said Mulberry will look to expand in the US. The company made nearly one-fifth less in revenue over the key Christmas period than the previous year, blaming a 'challenging' business environment. That was even worse in Asia, where sales slumped by 28% compared with the festive period in 2023. In Europe and the US, by contrast, sales grew 11% year-on-year. Mr Baldo said: 'We need to get back to where we came from and return to the spirit of Mulberry.' He added that for the company to succeed 'the business model needs to be simplified'. Mulberry already announced plans to slash roughly 85 jobs, about one quarter of its workforce, before Christmas. The turnaround plan comes after loss-making Burberry also said it would focus more on its British history to make more sales. Meanwhile, Mulberry has also hired a new finance head, Billie O'Connor, a former Marks & Spencer and Selfridges executive. Mr Baldo said: 'Billie has a wealth of experience working in the consumer retail space and has spent time leading finance teams through turnarounds.'
The Independent
30-01-2025
- Business
- The Independent
Mulberry has ‘neglected to connect' with UK shoppers, says boss
Struggling luxury bag maker Mulberry has 'neglected to connect' with British customers in recent years and plans to sell more bags in the UK, rather than China, to make the company profitable again. Chief executive Andrea Baldo told the PA news agency the company has 'lost so much business' in the UK in recent years that there is 'a huge space' for the company to grow. Founded in 1971, London-based Mulberry is most famous for its luxury leather handbags. With the right product, distribution and communication, we are able to take advantage (of the UK market) no matter where the economic conditions are Andrea Baldo, Mulberry But it has seen profits nosedive of late, partly as a result of waning appetite for luxury goods among Chinese consumers, previously a key market for the fashion company. Mr Baldo said the company will focus less on China and close 12 stores across its Asian estate while aiming to open more shops in UK cities in future. It will also re-enter the wholesale and outlet sales markets, including by striking new deals to sell its items at John Lewis and Flannels. Mulberry has no presence in Birmingham or Liverpool, he said, and it will look to expand in those cities in future. The UK expansion comes after retailers such as Marks & Spencer have warned that rising company taxes and falling consumer sentiment could hit their home market. While Mr Baldo admitted those factors are 'a challenge', he added: 'With the right product, distribution and communication, we are able to take advantage (of the UK market) no matter where the economic conditions are.' Mr Baldo, who joined last year from luxury brand Ganni, wants the company to focus on its 'Britishness' and 'cultural relevance' and simplify the business to counter plunging profits. He laid out plans to cut costs by a quarter compared with the last financial year, following a period of 'suboptimal' performance. Mr Baldo also said Mulberry will look to expand in the US. We need to get back to where we came from and return to the spirit of Mulberry Chief executive Andrea Baldo The company made nearly one-fifth less in revenue over the key Christmas period than the previous year, blaming a 'challenging' business environment. That was even worse in Asia, where sales slumped by 28% compared with the festive period in 2023. In Europe and the US, by contrast, sales grew 11% year-on-year. Mr Baldo said: 'We need to get back to where we came from and return to the spirit of Mulberry.' He added that for the company to succeed 'the business model needs to be simplified'. Mulberry already announced plans to slash roughly 85 jobs, about one quarter of its workforce, before Christmas. The turnaround plan comes after loss-making Burberry also said it would focus more on its British history to make more sales. Meanwhile, Mulberry has also hired a new finance head, Billie O'Connor, a former Marks & Spencer and Selfridges executive. Mr Baldo said: 'Billie has a wealth of experience working in the consumer retail space and has spent time leading finance teams through turnarounds.'
