Fred falters as profits dip
THE Japanese owner of sports and fashion clothing brand Fred Perry is to pick up a £7.8million dividend this year even though sales and turnover fell and profit margins declined.
The brand, named after the three-time Wimbledon tennis champion, is losing favour with shoppers abroad.
Accounts just filed for the London-based company show sales fell 2 per cent in the UK and Europe but plunged 10 per cent in the rest of the world, which resulted in a 4 per cent decline in overall turnover from £118million to £113million in the year to March 31, 2016. Pre-tax profits dipped from £23.6million to £20.8million.
Fred Perry Ltd was launched in 1952 after Tibby Wegner, a former Austrian footballer, approached Fred Perry with the idea of launching his own fashion brand. The company was bought in 1995 by Hit Union, its Japanese distributor.
The company has a marketing deal with Tour de France winner Sir Bradley Wiggins. Celebrity fans include Paul Weller, Damon Albarn and Liam Gallagher.