Rixo has released its fiscal year-to-date statistics, with the vintage-inspired womenswear company reporting nearly double-digit sales growth.
The firm, which was founded in 2015, was severely impacted by the pandemic, the first full year without a Covid effect was obviously a moment of recovery and development for the company, with revenues increasing 9.1 per cent to £ 19 million.
However, due to increasing administrative expenditures, including a one-time payment of over £ 536,000 related to shop openings, its operational profit and pre-tax profit decreased to £ 2.3 million from £ 4.5 million the previous year.
Unfortunately, it paid less tax in 2023, which improved the results, albeit its net profit was still smaller than the previous 12 months, with a final total of £ 1.8 million as opposed to £ 3.6 million in 2023.
During 2024, it stated that it concentrated on boosting publicity via the opening of new stores, as well as increased expenditure on digital and advertising for the brand.
Among the new locations were a flagship on London’s King’s Road and a site on Carnaby Street in the West End, which benefited from a high level of foreign footfall. As previously stated, these openings involved one-time pre-opening expenses of more than half a million pounds, but they should be critical sales drivers for the company.
