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Karen Millen annual loss widens, revenue down 10 percent

By Prachi Singh

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Business

Karen Millen’s operating loss for the year ending February 27, 2016 increased to 10.5 million pounds (13 million dollars) compared to 9.7 million pounds (12 million dollars), the company reported last year, says a Drapers report.

The company has attributed the rise in operating losses to investments in digital infrastructure coupled with slow consumer spending in the markets Karen Millen operates. The company’s gross profit declined 8 percent for the year to 93.9 million pounds (117 million dollars) and total sales decreased 10 percent to 161 million pounds (201 million dollars), while the company said, sales in UK were flat.

Apart from launching it refurbished online platform in May this year, the company serving 348 locations across 44 markets also partnered with digital agency AllTogetherNow to manage its social, content, media and paid social media placement as a part of its digital transformation initiative.

Ex- Bonmarché CEO Beth Butterwick had joined Karen Millen last year as its new Chief Executive Officer to fill in the position vacated by Mike Shearwood in September 2015.

Picture:Karen Millen

Karen Millen