Christian Dior UK has filed its accounts for 2024 and they show both turnover and profits falling at the British arm of the major French fashion house.

Turnover dropped 16% to just over £280 million and profit before tax was down 41% at £27.6 million. That figure had been £46.6 million in the previous year and £60 million in 2022.

The gross profit percentage dipped 1% to 56% and final profit for the financial year fell 39% to £21.88 million.

The company didn’t give many details about current trading but said that it expects 2025 to be in line with 2024 in terms of profits.

Looking back at 2024, it called the performance “solid” despite the unfavourable global economic environment and highlighted how gross profit remained strong while its operating profit percentage fell by only 4pts “thanks to vigilant cost management”. The number of people the company employed on average in the UK also dropped by more than 40.

It said it navigated the uncertain environment with “resilience, showcasing the strength of its strategy and the quality of its products”, particularly in its women’s ready-to-wear division. That was up 2% while the watches/jewellery division rose an even better 5%. It didn’t specify the categories in which it saw weakness.

Of course, these UK accounts don’t paint a full picture of the business given that the company is global and its HQ, including all-important functions such as design and marketing, is based in Paris.

But nonetheless the figures do underline just how the tough the market has been in the UK, which was hit last year by a number of issues. They included the overall luxury downturn, the wider cost-of-living crisis and the absence of the tax-free shopping perk that had made luxury shopping in Britain a lot more attractive before Brexit.