Turnover plunges by a fifth at Cambridge Satchel Company despite new design launch and going after Vogue readers
Turnover plunged by a fifth at the Cambridge Satchel Company despite the bag brand launching a new design and running an advert in fashion bible Vogue.
The firm, whose bags are a favourite of Louise Redknapp, Emma Stone and Alex Chung, made a loss of £1.4m in the year to June 2019 – down from £1.5m in 2018 – as sales fell everywhere, including by £800,000 in the UK.
This came despite the fact that its new bag ‘exceeded expectations’, the group said.
Struggle: The company was founded in 2008 by Julie Deane (above right) and is a favourite of Louise Redknapp
The company was founded in 2008 by Julie Deane and her mother Freda Thomas at Deane’s kitchen table.
The firm expects to take a hit from lower demand during the pandemic, which will mean it won’t break even until 2021.
But it added that it’s seeing more activity online than normal.
A Hong Kong-based private equity investor, Cassia, bought into the company in December to fuel an expansion of the business.