Amsterdam-based suit stores chain Suitsupply continued its aggressive international expansion last year, but posted a loss of €11m the Financieele Dagblad said on Tuesday.
The FD said this was unusual because Suitsupply – unlike most other Dutch clothing retailers – had remained profitable throughout the crisis years. In 2017, it booked net profit of €3.2m.
In particular, the company is eyeing further growth in the US despite the fact that many Americans go to work in leisure clothers rather than suit and tie.
Nevertheless Suitsupply opened 27 new stores in 2017, the largest ever in the space of one year. In addition, the company branched out into womens’ clothing with its SuiStudio stores chain.
Suitsupply, known for its controversial advertising, was started up in 2000 by Fokke de Jong as a webshop run from his student lodgings. The company has grown steadily since, turning over €255mm last year, a 19% gain over the previous year.
The US is the biggest market with 41% of sales compared to 22% for the Netherlands.
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