Eventwear Boosts LK Bennett Sales by 30% as Brand Reports Strongest Year in a Decade

London-based fashion brand LK Bennett has seen a 30% increase in its turnover for the February 2022 to January 2023 financial period, bringi...

London-based fashion brand LK Bennett has seen a 30% increase in its turnover for the February 2022 to January 2023 financial period, bringing its overall revenue to £49m ($70m). The surge in sales is said to be largely due to the high demand for eventwear, as restrictions ease, with weddings, the Royal Ascot, and other occasions contributing to £1m in profit. LK Bennett credits its dress category for the most substantial growth. The 40% increase in gross profit and 420 basis-point rise in its margin to 61.9% also contributed to the brand's strong performance. Its EBITDA came to £4m ($5.67m), triple that of the preceding year, and its operating profit amounted to £2.9m ($4.12m), four times higher than last year. LK Bennett's CEO, Darren Topp, is reportedly pleased with these results as he believes the company is now stronger than in the past decade, thanks to recent strategic measures. The fashion brand is expanding its UK presence with the opening of a shop in Cheltenham and a series of store refurbishments. It is also returning to the US via wholesale partnerships later this year.