Belstaff relaunches in the US with a store in New York City
Belstaff relaunches in the US market. The company controlled by the Ineo group since November 2017, owned by Sir James Arthur Ratcliffe, will be opening a new standalone store in the far west side of New York.
Last year, the company dipped into concept stores and expanded its footprint across the UK with a new concept store in Regent Street, Spitalfields, and Glasgow. Its concept stores, like many other retailers who have been paving the way to blur the lines between shopping and cafés, holds restaurant spaces alongside the shopping areas.
In the latest report of the company for the fiscal year of 2018 (closed on December 31, 2018), it reached sales of 30.5 million pounds (39.7 million dollars), a 1.7% drop compared to the previous year which recorded sales of 31 million pounds (40.3 million dollars). That said, the British brand posted a net loss of 48 million pounds (62.5 million dollars) last year.
In 2018, the British retailer recorded revenue of 17 million pounds (22 million dollars) in its home market
In regard to the company’s market, the United Kingdom persists as Belstaff’s largest market which also generated the most revenue. In 2018, the British retailer recorded revenue of 17 million pounds (22 million dollars) in 2018, 2.6% up, whereas the previous year recorded 16.6 million pounds (21.6 million dollars) in the fashion retailer’s home market.
The company’s second successful market is Europe, although it’s Belstaff’s second-largest market it still experienced a fall. The retailer recorded sales of 11.5 million pounds (15.1 million dollars) in 2018, down 17%, compared to the previous year which stood at 13.7 million pounds (17.8 million pounds) in the old continent.
Belstaff almost doubles sales in the rest of its markets
The third market and the one that brings less revenue, but that grew the most is the rest of the world; the company saw a significant increase in its revenue between 2017 and 2018. In fact, it almost doubled its sales in this third segment and recorded 1.96 million pounds (2.5 million dollars) in 2018, whereas in 2017 it only stood at 656,577 pounds (854,323 dollars), a 99.8% increase in the rest of the markets.
Founded in 1924, Eli Belovitch and Harry Grosberg, Belstaff has its roots in military clothing. The brand has 40 stores, seeing as it shuttered 13 stores between 2017 and 2018, according to its latest financial data published last month. The British retailer operates with stores in Europe, America, and Asia. It recently started operations in Japan and Canada.nd Canada.
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