England-based Barbour, a renowned fashion firm with roots dating back to the 1890s, reported a substantial 20 per cent increase in turnover despite grappling with residual supply chain disruptions from the Covid aftermath, as per its recent financial disclosures. The company witnessed a decline of £ 6 million in operating profit compared to 2022, primarily attributed to the sale of property in the earlier period. When assessed on a like-for-like basis, the operating profit experienced a more moderate decrease of £ 800,000.
Directors noted in the company’s report that the surge in revenues showcased Barbour’s resilient recovery post-Covid, yet underscored persistent supply chain challenges encountered throughout the fiscal year.
Originally established to provide durable coats for the region’s maritime workers, Barbour has evolved to become a global purveyor of a diverse array of coats, outerwear, accessories, and footwear, catering to a wide clientele ranging from celebrities to royalty. The latest financial results, encompassing the year concluded in April 2023, revealed a rise in turnover from £ 286.6 million to £ 343.1 million. However, the operating profit saw a decrease from £ 40.3 million to £ 34.3 million due to absorbing escalating costs without passing them on to consumers.
Steve Buck, the group managing director, expressed satisfaction with the robust revenue growth. He emphasised lingering challenges in the supply chain and acknowledged the economic repercussions stemming from the cost of living crisis, Ukraine conflict, global market uncertainties, escalating costs, exchange rate pressures, and heightened competition, all of which posed significant challenges to margins across various channels and markets.
While several competitors, such as Etsy and River Island, have also reported substantial increases in turnover, Barbour’s distinctive heritage and iconic status position it favorably as a luxury brand accessible to a broader customer base, potentially offering an advantage in the upcoming year despite industry competition.
