Having reported a loss of 9.3 million pounds in the year to March 2009, Pringle of Scotland has received further payments from its owners
By Jennifer Denby
In an attempt to become a high-end luxury label, joining the likes of Burberry, Pringle of Scotland’s owners have injected a further 18 million pounds into the loss-making brand.
The firm’s latest accounts show it has received 10 million pounds and 8 million pounds from its owners, the wealthy Fang family from Hong Kong, over the last two years.
A further 5 million pounds was received over the previous year.
REPORTING LOSS
As the payments were publicised, Pringle reported a loss of 9.3 million pounds in the year to March 2009.
Sales were flat at 17.3 million pounds, while gross margins rose from 39 percent to 43 percent.
According to insiders, the fresh investment was seen as a show of faith in Chief Executive Mary-Adair Macaire’s overhaul plans.
Macaire said: “I'm trying to revive Pringle's reputation and identity as a house that makes luxurious garments with a focus on knitwear and style.”
Directors said: “Given the continued investment in the Pringle of Scotland brand, we are not expecting to report operating profits in the short term, but are satisfied that the business is progressing in line with their long-term strategic objectives.”
Edited by Chris Farnel