French Connection pulls its overpriced socks up
Remember when 'FCUK' was emblazoned on every idiot’s chest in the late nineties? Well not any more. With little to distinguish it, and online shopping on the up, French Connection has been languishing in the doldrums for a while.
There were a million other places where you could get stupid slogan tees/boring work clothes for a hell of a lot cheaper, and for a while there the brand was about as fashionable as Damart.
But after closing stores and cutting costs, the fashion retailer has cut its operating expenses by 6.9%, and the brand is once again on the up. It generated sales of £189.4m last year, down 4%, but their operating losses are also down from £7.2m to £4.4m.
Stephen Marks, French Connection’s CEO, is pleased, anyway.
‘We have accomplished a lot in the past year and will build on that momentum to deliver further improvements,’ he said. ‘We have seen a positive reception to our spring range and while there is still much to do, I am confident that we are on the right path and have the right strategy to drive further progress.’
It’s not GREAT news if you work for French Connection, however. They closed nine stores last year and plan to close between three and five shops this year. But even though they've royally FCUKed things up in recent years, the brand's turnaround is proof that it is possible to fail on the high street - and rise again.