Fortnum & Mason Asia sales are soaring, prompting the UK luxury-food retailer to plan more stores.
In Hong Kong, the chain achieved a 55 per cent increase in sales in the year to July, helping it book a sixth consecutive year of double-digit sales and profit growth.
Two new stores are now trading in South Korea – in Shinsegae Gyong-Gi and Shinsegae Gangnam – and options in other Asian markets are being assessed. Another new store opened in London.
Global sales for Fortnum & Mason grew 12 per cent, reaching £126 million (US$161 million), while profit soared 26 per cent to £9.6 million. The company is now delivering products to a record 125 markets worldwide from its online sales channels.
Sales at its flagship store in London rose 10 per cent – during a time most department stores in the UK have been struggling to maintain sales growth and profits. Travel retail stores in Heathrow and St Pancras International train station rose 12 per cent.
“This year has not been without its challenges, but we’re proud to report another exceptional trading period,” said Fortnum & Mason CEO Ewan Venters.
“By being faithful to our heritage and pedigree, focusing on the creation of extraordinary products and exceptional service, and delivering our world-renowned products to customers anywhere in the world, I am pleased that we are able to meet the growing demand for quality and impeccably-sourced products.”
He said he was “particularly pleased” with the increased sales of Fortnum & Mason Asia and has great confidence in the two new spaces in South Korea.