Thomas Pink goes deeper into the red

LOSSES have increased six-fold at shirt retailer Thomas Pink, as the company feels the impact of an upcoming relaunch aimed at taking the brand further upmarket.

Figures recently filed for the London-based outfitters reveal that sales plunged 23 per cent from £34.4million to £26.4million in the year ending December 31, 2017, while pre-tax losses shot up from £4million to £29.5million. The ‘100 per cent reboot’ will see an end to discounting in a bid to boost margins, the closure of some stores and franchise outlets, and the launch of new products.

Costs increased due to the restructuring, as well as money set aside for the disposal of old-brand Thomas Pink clothes that are left unsold.

Directors at the brand, which is part of the LVMH luxury goods empire, said they were ‘disappointed’ with the firm’s performance during the year but happy that the brand was being boosted ‘by strong investments to relaunch and reposition the brand to the highest quality levels’.

They also warned that the decision to reposition the Thomas Pink brand ‘will continue to impact the brand operating results throughout 2018’ until next month’s relaunch, which is expected to boost sales and profits.