Belfast Telegraph

UK Website Of The Year

Better for Ted Baker if Britain stays in EU, says luxury clothing firm boss

Published 14/06/2016

Ted Baker chief executive Ray Kelvin said the results 'demonstrate the strengths of the brand'
Ted Baker chief executive Ray Kelvin said the results 'demonstrate the strengths of the brand'

Britain staying in the European Union would be the best decision for Ted Baker, the firm's boss has said.

Founder and chief executive Ray Kelvin told the Press Association that remaining would provide "certainty, continue free trade and ensure the easy movement of products".

He added: "We're ready for any decision that's made, but it's better for Ted Baker that we stay in."

Mr Kelvin was speaking alongside the retailer's first-quarter trading update, which saw the firm post an 11.3% increase in revenues, shrugging off fears of a high street slowdown.

The luxury clothing firm said retail sales rose 12.7%, while online transactions rocketed 32.3%, as it hailed the strength of its brand in "challenging external trading conditions".

"We've had so many things this year - the economy, terrorism, weather, Brexit, oil prices, you name it. But we've come through it by focusing on the product, being well-organised and not having too many shops in one area."

The retailer also extended its international reach over the period, opening stores in Beijing, Ottawa and Seattle, and further concessions opening in France, Germany, Japan and Spain.

The company said it remains on track to meet the board's profit expectations for the full year, which stand at £65.7 million, a 12% increase on 2015.

Mr Kelvin added that future plans involve "more of the same, and hugging people a little bit more".

Read More

From Belfast Telegraph