Pringle's losses stretch to £8.2m
The Scotsman - October 7 2006
Pringle owners the Fang family have reiterated their commitment to the iconic Borders fashion company, which has reported heavy losses despite continued investment.The 190-year-old label, which has been worn by the likes of the Duke of Windsor and David Beckham, made a loss of £8.2 million in the year to 1 April, newly filed accounts reveal, compared with the previous year's £7.7m loss. Sales increased by about 2 per cent to £25.7m. However, administrative and sales costs rose by more than £1m.
[...]The accounts predicted the firm would not return to profit in the short term, because of the heavy investment, but would continue to spend on the rebranding of the label into the luxury market.
Pringle said its new creative director, Clare Waight Keller, who joined last year after spells with Ralph Lauren and Gucci, had implemented two successful womenswear shows. "Her first was received by the world's press with great critical acclaim and the second cemented the brand in the luxury sector," the company said. [more]
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