Record results and extra staff for fashion empire
Dec 12 2009 by Andrew Mernin, The Journal
NEW figures have revealed how the one of the North East’s biggest fashion empires shook off the darkest retail conditions for decades by recording record results and boosting staff numbers by 15%.
South Shields-based Visage Ltd has published new figures which document how the clothes wholesaler grew its turnover by £13m despite its exposure to a recession-ravaged high street.
In the year to January 2008, the firm’s annual sales soared from £146.5m to £159m, while its operating profits climbed by more than £600,000 to £21.8m.
During the period, the company added 67 staff to its workforce, bringing it up to 516, to deal with an increase in the level of trade. Visage imports clothes from a number of overseas markets including China, India and Hong Kong and sells them to UK and Irish retailers, as well as manufacturing and designing clothing.
Looking forward, the company said it has addressed the risks of the ongoing competitive trading environment by strengthening its product range, its relationships with customers and diversity of those customers.
The company said it is set up to manage the risks associated with exposure to exchange rate movements as it makes the majority of its purchases in US dollars.
