Kurt Geiger, the luxury footwear brand, has reported record profits, standing strong amid the general decline in demand across the wider market.
For the year ending in February, the company announced profits of £40 million, fueled by a surge in consumers opting for “affordable luxury” items.
These figures contrast sharply with the performance of its pricier competitors, many of whom are experiencing dropping sales, including Burberry, which has recently exited the FTSE 100 index.
Kurt Geiger has also seen a boost in sales thanks to its growth in the United States, where it plans to inaugurate four new stores this year.
Neil Clifford, the CEO of the brand, stated: “While other brands raised their prices even when consumers were struggling, our approach has been different.”
“We have dedicated significant effort and creativity into our products while keeping our prices lower than those of our competitors, and I believe that strategy is paying off.”
This announcement comes at a time when the luxury market is facing challenges, as consumers become more budget-conscious.
For example, Michael Kors reported a notable decline in UK sales last year as shoppers scaled back their spending on premium products.
Additionally, Selfridges revealed job reductions in May, citing the end of tax-free shopping and a drop in luxury spending.
Image Source: pxl.store / Shutterstock
