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Hong Kong owners pump more cash into Pringle

According to media reports, Pringle of Scotland's owners have injected £11.2 million into the struggling knitwear label since April last year as they try to transform it into a top luxury brand. The London Evening Standard said on Friday that according to accounts just filed at Companies House, the Hong Kong-based Fang family pumped £3.2 million into the 195-year-old retailer this year, after an £8 million injection in the previous 10 months. The move is said t

8th November 2010

Knitting Industry
 |  Edinburgh

Knitwear, Knitted Outerwear, Knitted Accessories

Pringle homepageAccording to media reports, Pringle of Scotland's owners have injected £11.2 million into the struggling knitwear label since April last year as they try to transform it into a top luxury brand.

The London Evening Standard said on Friday that according to accounts just filed at Companies House, the Hong Kong-based Fang family pumped £3.2 million into the 195-year-old retailer this year, after an £8 million injection in the previous 10 months.

The move is said to be the latest indication of their support for chief executive Mary-Adair Macaire's plans to promote Pringle to the top echelons of fashion. The strategy is said to be regarded by some in the industry as ‘doing a Burberry’.

Pringle, known for its cashmere twinsets, Argyle patterns, saw pre-tax losses narrow from £9.3 million in the year to the end of March 2009 to £6.7 million for the 44 weeks to January 30, the paper said. However, sales slid from £17.3 million to £11.1 million in the period — a decline caused partly by the truncated reporting period as its spring/ summer collections were delivered in February, but also as it suffered in the recession.

The brand's directors said they “are not expecting to report operating profits in the short term but are satisfied that development of the brand [is] progressing in line with their long-term strategic objectives”.

Fangs bought the company 10 years ago.

Source: London Evening Standard

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