Turnbull & Asser, the bespoke shirts and premium men’s ready-to-wear business, has filed its accounts for the year to the end of January 2024 and they show yet another period of losses.
Turnbull & Asser
The business which counts King Charles among its customers, has made a loss for the past nine years.
Owned by Ali Fayed for almost 40 years (he stepped down as a director last summer as the scandal around his brother’s activities at Harrods broke), the 140-year-old firm made a pre-tax loss of £1.37 million in its latest year. The loss for the previous year had been £1.25 million.
Its last pre-tax profit came in 2015 when it made £165,000 on a turnover of £9.82 million and its accumulated losses since then add up to over £9 million.
In the latest year, turnover fell to £9.3 million from £9.9 million with gross profit of £5.774 million, down from £5.998 million. The figure given for its pre-tax loss was also the same as its net loss.
The company sells from its Mayfair premises and through its own webstore as well as retaining a minor wholesale activity in the Japanese market and in the UK for specific items linked to James Bond licensing. In addition to its European market, the business is represented in the US.
Despite the losses and turnover fall, it said that the year in question — FY24 — was one of “growth and recovery of sales”.
