Pringle of Scotland sold to Crew Clothing owner, sales and profits fall

Heritage British knitwear brand Pringle of Scotland has a ‘new’ owner with a low-key Companies House filing showing that it’s been owned by Menoshi Shina, who also owns Crew Clothing and menswear chain Moss, since last year.

The brand, which has held a Royal Warrant for almost 60 years and is more that 200 years old, was owned for over two decades by Kenneth Fang and his family. The Hong Kong textiles billionaire died in 2022. Shina hadn’t publicised the acquisition of the business in 2023.

The company has also filed its accounts for 2023 and they showed sales and profits dropping sharply during the period. Revenue was down 34% to only £2.7 million in the period, although the figures were skewed because the 2023 financial year covered only 11 months compared to 12 months for 2022.

The accounting period was changed after the sale so the firm’s financial year now reflects a calendar year, rather than running from the start of February to the end of January.

Pre-tax and post-tax profits both dropped to £327,000 from £733,000.

In a statement to the Telegraph, a Pringle spokesperson said: “In July of 2023… the iconic fashion brand renowned for its quality and rich history, entered a new chapter as a member of the family of companies that includes Crew Clothing Company.

“Since the acquisition, the team has been focused on evolving the brand while honouring its legacy of producing high-quality, exciting collections. During this transitional phase, the team will leverage the expertise of other brands within the corporate family to enhance Pringle’s offerings.

“Further developments in the brand’s direction will be unveiled in the near future.”