Fred Perry, a renowned British heritage brand, reported a notable rise in revenue and profit for 2023.
- The company’s gross profit reached £76.9 million, a substantial increase from £64.5 million in 2022.
- Profit before tax saw a 4% year-on-year increase, amounting to £16.3 million.
- Revenue expanded by 10%, reaching £149.1 million compared to the previous year’s £135.7 million.
- Three store closures were attributed to performance, despite growth across all revenue streams.
Fred Perry, the esteemed British fashion brand founded by Wimbledon tennis champion Fred Perry, showcased significant financial growth for the year ending 31 December 2023. The company’s gross profit rose to £76.9 million, marking an increase from £64.5 million in 2022. This growth underlines an impressive recovery trajectory in line with pre-Covid expectations, as stated by the company.
The firm achieved a 4% rise in profit before tax, recording £16.3 million, up from £15.6 million in the previous year. This financial upturn is mirrored in the brand’s revenue, which climbed by 10% to £149.1 million, compared to £135.7 million in 2022. The brand attributed this growth to enhanced performance across all revenue streams.
Despite this success, Fred Perry made strategic decisions to close several physical stores, including locations at London’s Coal Drops Yard, Dartford’s Blue Water shopping mall, and Toronto, Canada. These closures were based on the stores’ performance and their value to the brand, suggesting a strategic shift in retail operations.
Even with a diverse product range including tracksuits, trousers, accessories, bags, and shoes, the iconic Fred Perry Shirt remained central to the brand’s offerings. The company continues to prioritise this product, reinforcing its market position.
In a testament to its industry standing, Fred Perry was honoured as the Menswear Brand of the Year at the Drapers Awards 2023, reflecting its prestigious reputation and commercial success.
Fred Perry’s financial results for 2023 highlight its strong market position and adaptive retail strategies.
