Luxury accessories firm Lulu Guinness, founded by the eponymous designer 30 years ago, has narrowed losses and increased sales, new accounts show.
The firm, which has won an army of celebrity fans such as Paloma Faith and Kate Moss since it opened for business in 1989, is most famous for its lip-shaped handbags.
The Highgate-headquartered firm posted a pre-tax loss of £188,710 for the year to March 25, compared with a loss of £802,358 before. It made a gross profit of £4.7 million, up 21%.
Turnover rose 6% to £10.1 million, helped by a jump in online sales. The retailer’s website experienced a 10% rise in the number of visits, and 51% growth in active customer numbers.
A number of new licensing collaborations were also launched successfully.
It warned that, like rivals, it is prey to challenges such as higher London rents and greater competition, although it is looking to grow in wholesale and further online.
