Bestseller to launch new sustainability strategy in Dec

28 Nov '18

2 min read

Courtesy: Bestseller

In early December this year, Bestseller, a family-owned fashion company, will launch its new sustainability strategy, focusing on strengthening and future-proofing Bestseller as a company. During fiscal 2017-18, net turnover of Bestseller reached €3.3 billion, representing an increase of 3.3 per cent and a result before tax of €387 million, up 14.9 per cent.

"We are happy with this year’s results, and we are proud of our employees and their efforts. Our female brands have formed the basis of our turnover growth, while our male brands’ gross profit development is the main reason for our positive bottom line. The overall results from our kidswear brands have proven disappointing, but we are paying close attention to the area and expect to see a positive change in the current financial year," said CEO Anders Holch Povlsen.

"Throughout the year, we have worked hard to create growth, and our goal remains unchanged; we have to find a way to grow more than we do today," said Povlsen adding that we need to improve our own online business, we must continue to invest proactively, and we need to focus on the further digitisation of our company. "At the same time, we are planning to open 250 new stores in 2018-19. If we do not stay on our toes, we could end up making life more difficult for ourselves."

In the current financial year, the company expects to see modest gains from the recent divestment of its Middle East business, which has been running at a loss for some time.

"If we look more specifically at the first quarter of the new financial year, we have not managed to steer clear of the current challenges in the market. It is vital that we pull together in all parts of our company. This applies to our managers, the individual employees and our business partners, who all make a dedicated effort every day," he concluded. (RR)

Fibre2Fashion News Desk – India

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