Aspinal of London’s latest year looks to have been a good one on the sales front with the company’s accounts for the year to the end of March showing a 9% revenues jump.

But the luxury leathergoods business saw falling profits as it invested for growth. 

Sales reached £38.6 million but adjusted EBITDA plummeted 27.4% to £5.3 million, “caused, in the main, by a substantial increase in marketing expenditure deployed in seeding new international operating markets”.

Operating profit before exceptional items was £4.6 million, down from £5.6 million a year earlier. Profit before tax dropped from £5.54 million to £3.3 million and net profit was down to £2.88 million from £4.23 million.

Most sales during the year were generated online, although the company continues to operate physical stores in London (including its newest in Covent Garden) and in Shanghai, as well as being sold via key department stores such as Harrods and Selfridges and being available via reserve-and-collect at Heathrow Airport.

The company had a good Christmas trading period during the year in question and it’s to be hoped that it will also issue an update on the Christmas 2024 period at some point this month.

Overall, 2024 after the period the accounts cover ended was a busy time for it. In June it announced a new CEO as Laura Brown (formerly of Harrods, Bicester Village and Dubai Mall) took the helm. 

It also launched a travel-focused collection the following month and the month after that unveiled its debut in the fragrances sector in partnership with specialist company Colbico.