British lingerie brand Gossard recorded a significant rise in turnover but saw losses increase during its latest financial year, accounts filed with Companies House show.
Turnover for the year ended June 30, 2016 rose to £3.9 million from £1.4 million the year before.
The figure includes £1.07 million for the sale of Berlei branded items at a cost to Berlie (Europe) Limited, a separate company established in May 2015 to exclusively sell the Berlie brand.
However, even without the Berlie contribution, Gossard sales were double that of the previous year.
Despite the top-line growth, director Philip Clarke said the results had been impacted by the “challenging trading environment” and decline in the value of the sterling against the US dollar and Euro, resulting in a £231,000 foreign currency exchange loss.
Overall, the business reported a net loss of £717,000, compared to a net loss of £14,000 previous year.
The report said that further information relating to its performance would be contained in the group accounts of parent company Kadima Holdings Limited, but these have not yet been published with Companies House.
Lingerie Insight approached Gossard to see if it wished to comment on the results, but it explained that it is company policy not to comment on Companies House filings.
Gossard has put strategies in place to grow the business in 2017 following the appointment of Darren Pepper as general manager earlier this year.
Clarisse Parkes has also returned to Gossard and Berlei as export and national account manager, after establishing Gossard in the US market during her time as sales and product development director between 2005 and 2007.
Speaking to Lingerie Insight at INDX Intimate Apparel in August, Parkes explained the new GM’s vision for Gossard, which has recently launched a new website and blog.
“His vision is develop Gossard and establish it in key markets, including Russia, Poland and Germany,” she said.
Pepper also plans to re-establish Gossard on the UK high street.
“We’re really strong online, with key accounts including Figleaves, Debenhams and Bravissimo, and now we want to target key retailers on the high street, including the major department stores,” Parkes explained.