Hawes & Curtis relies on stores closing to make up for widening loss

British heritage shirtmaker Hawes & Curtis disclosed on Wednesday its plans to shutter some of its stores in an attempt to make up for the business widening loss.

The brand’s top executive, Dragons’ Den star Touker Suleyman, said the tailoring brand has been dealing with challenges such as higher rents and business rates, and lower footfall at sites close to major construction works.

Suleyman described the current environment as a “perfect storm”, as reported by the ‘Evening Standard’. He added the company has resented from Brexit-induced currency swings as it buys materials in dollars but sells in pounds.

Latest available accounts for the Suleyman family’s fashion retailer show a loss of 2.6 million pounds in 2016, substantially larger than the previous year’s loss of 634,000 pounds. Over the period, sales dipped 0.4 percent to 25.5 million pounds.

Suleyman said he will close loss-making stores in High Street Kensington and Oxford Street before the end of 2017. These closes will add to the ones in Victoria, Kingston and Glasgow this year.

On the upside, the brand will open one more shop close to Tottenham Court Road station later this week to take advantage of an expected surge in shoppers that will use Crossrail. “It’s been a perfect storm for retail... but this year we have cut a lot of overheads and the business is back on track,” Suleyman said, publishes the ‘Evening Standard’.

Headwinds of change for the 104-year old shirtmaker Hawes & Curtis

It’s worth recalling that this summer, the heritage retailer unveiled a rebrand for the first time in its 104-year history.

The upmarket shirt maker launched its new brand identity as part of its “Timeless Style Since 1913” campaign for its new autumn/winter 2017 collection. This was the perfect excuse for Hawes & Curtis to have its logo updated with modern typography, and a streamlined, redesigned website.

“The relaunch celebrates the rich heritage and bright future of Hawes & Curtis,” said in August chief executive Touker Suleyman.

Hawes & Curtis has more than 20 stores in the UK.

Image: Hawes & Curtis Web