Upmarket handbag brand Radley London has defied the slowdown in demand for luxury goods, and reported higher sales for the important Christmas trading period.
In the nine weeks to the end of December like for like sales improved 4% at the accessories maker’s stores, concessions and online, with web recording a 21% leap.
Chief executive Nick Vance also said retail sales in the first eight months of the current financial year, which ends in April 2024, are 6% ahead of the same period last year.
That comes despite some high-end firms facing slowing demand as wealthy shoppers look at the impact of rising inflation and economic uncertainty.
Radley, which celebrated its 25th anniversary in 2023, is less exposed with its handbags considered more affordable luxury, ranging from £149 to £349 typically.
Vance said: “I am incredibly proud of what we have achieved against the backdrop of a challenging market.”The chief executive added: “As we look to 2024, we are excited about the opportunities that lie ahead, but we are equally conscious of the cost-of-living challenges still faced by our customers and partners. “
The London-founded business, now owned by investor Freshstream, has a branch in Covent Garden and is also stocked by department stores such as John Lewis. It operates in the UK and US.
