Yahoo Finance Hawes & Curtis: Working from home prompts major pivot for brand owned by Dragons’ Den star Touker Suleyman
Hawes & Curtis, the formal menswear brand owned by Dragon’s Den star Touker Suleyman, said it will focus more on casual clothing after seeing its profit dip last year, newly-filed documents have revealed.
The retailer, which currently has 29 stores in the UK, made a pre-tax profit of just under £4.8m in 2023, down from £7.9m in the year before.
Its revenue remained flat year on year, growing only slightly from £43.7m in 2022 to £43.8m in 2023.
Hawes & Curtis, which was bought by Touker Suleyman in 2001, said although demand had “continued to be strong” for its products that soaring costs had eaten into its pre-tax profit.
In May the company revealed that ex-footballer and pundit Gary Neville – who guest starred as an investor on Dragon’s Den in January – would become the new face of the menswear brand’s 2024 summer collection.
Touker Suleyman brand shifting to casual wear
With working from home becoming more prevalent following the pandemic Hawes and Curtis said it would expand its product range to include more casual products.
Owner Touker Suleyman told Drapers last year that the retailer was seeing its customers spending more on clothes beyond “the traditional suit, shirt and tie” which, historically speaking, had been the company’s bread and butter products.
In a statement published to Companies House, the firm said: “The demand for the company’s product range continued to be strong in 2023 and as a result, the total like for like sales increased by 1.5 per cent (2022: 74 per cent) and the total online sales increased by 3.3 per cent (2022: 55 per cent).
“Although the trading conditions expect to be difficult due to cost-of-living factors, the demand for the company’s products range continues at an increased level for both channels’ stores and online.
“Hence the group strategy is to continue to invest online and open stores in key strategic locations with suitable terms.
“Given this, management expect they will be able to grow the sales and improve its profitability in the coming year.
“The external commercial environment is expected to remain competitive and challenging for all retailers in the UK given the current retail trading environment, continuous pressures from Brexit and the war in Ukraine.
“Within this environment the positioning of the group’s products depends on their exemplary quality and innovation with the appropriate range and competitive p ricing, as well as the Hawes and Curtis brand.
“The group will continue to invest in its online business to capitalise on the opportunities available within both the domestic and overseas markets, concentrating on the United States of America and other growth markets.
“This includes a wider product offering such as casual wear, which includes business casual and a weekend range.
“These new offering are to suit the post-coronavirus market for our existing customers, as well as new customers so that the group will become a one stop shop with a wide range of products for customers.”
What businesses do the Dragons’ Den investors own?
Touker Suleyman, who’s been an investor on BBC’s Dragons’ Den since 2015, owns menswear brand Hawes & Curtis and UK fashion label Ghost, which he acquired in 2008 after the collapse of its previous owner KCAJ.
He has also invested in motorcycle and cycling brand Tru-Tension, boat shoe retailer Docks Rio, online advertising company Intelligent Futures, AI firm Personify XP and handbag maker Huxley & Cox.
Deborah Meaden, who at 95 investments has helped to fund more businesses via the show than any of her co-stars, is the former-owner of Weststar Holidays, a group of three holiday parks in the UK. The company was sold to Alchemy Partners in 2007 for £83m.
In 2009 she acquired Fox Brothers – a Somerset textile mill – launching online luxury store The Merchant Fox two years later.
Peter Jones, who joined the Dragons’ Den lineup in 2005, has owned camera retailer Jessops since 2013, and TV production company Peter Jones TV.
According to his website, some of his investments in Dragons’ Den businesses include luxury lifestyle and culture Wonderland magazine, data services firm Square Mile International, contemporary circus group The Generating Company, Synthetic Genomics, iTeddy and Reggae Reggae Sauce.
Along with his BBC co-star Theo Paphitis, Jones also bought gift experience company Red Letter Days from another panellist Rachel Elnaugh, under whose ownership it had collapsed.
Paphitis, who has been a dragon since 2005, is the owner of stationery chain Ryman, homewares specialist Robert Dyas and lingerie retailer Boux Avenue.
Sara Davies, who joined the panel in 2019, is most famous in the business world for her company Crafter’s Companion, which she founded while studying at University of York.
She has also invested in companies including price comparison app SKIN, clothing rails maker Zebedee, Sibstar, and Scoff, which makes edible greeting cards for dogs.
