Belstaff sales dip but it gets profits boost

Belstaff has filed its accounts for 2023 with the company saying that turnover for the year fell 3.6% to £57.6 million. That said, the gross margin percentage grew to 25.9% from 21% and gross profit for the year rose to £14.9 million from £12.7 million in 2022.

The company made operating profit of £2.1 million compared to an operating loss of £14.2 million in the previous year with the latest figure including £2 million of positive exchange rate differences mainly on the revaluation of inter-company loans, and a £10 million release relating to a store lease that has been surrendered early.

However, the company still made a loss before tax and on a net profit basis of £18.3 million, although this was narrower than the £28.8 million loss of the previous year.

The business, which celebrated its 100th anniversary this year, has been renewing its focus on its brand image and heritage as part of its aim to grow both its revenue and profitability. This has been supported by a refreshed visual identity, new product categories and new technical fabrics. 

Only this month it linked with Represent to launch a streetwear collaboration that channels Belstaff’s 100-year motorcycle legacy. And it also builds on Represent’s contemporary streetwear expertise with the companies saying they’re “tapping into the renegade spirit at the heart of both brands”.

Belstaff is also refurbishing its existing store portfolio in line with its new design concept and identifying new opportunities in “strategic, brand-relevant locations”. Back in June it said it has big targets for the future with its plans to open more stores in key markets as well as testing the waters with a number of pop-ups.

It will open a second London location to join its Regent Street flagship and has signed for an Edinburgh store, as well as relocating in Manchester to create a regional flagship. Plus it’s targeting openings in its key European markets, Germany and Spain.