×
83 887
Fashion Jobs
NORDSTROM
Asset Protection - Security Ambassador - Topanga
Permanent · Los Angeles
NORDSTROM
Asset Protection - Security Ambassador - Metro Pointe at South Coast Rack
Permanent · Costa Mesa
NORDSTROM
Asset Protection - Security Ambassador - nj Rockaway Commons rk
Permanent · Rockaway
NORDSTROM
Asset Protection - Security Ambassador - Southpark
Permanent · Charlotte
CENTRIC BRANDS
Account Executive - Accessories
Permanent · New York
CENTRIC BRANDS
Production Manager
Permanent · Los Angeles
ATHLETA
General Manager -Woodbury Lakes
Permanent · Woodbury
MICHAEL KORS RETAIL INC
ft Sales Supervisor, Houston Galleria
Permanent · Houston
NEW BALANCE
sr. Manager, Value Chain Business Operations
Permanent · Lawrence
L'OREAL GROUP
Packaging Operator ii
Permanent · North Little Rock
MACY'S
Asset Protection Detective, North Star Mall - Part Time
Permanent · San Antonio
MARSHALLS
70118-lp Detective
Permanent · Ann Arbor
HOMEGOODS
Loss Prevention Detective
Permanent · Lemont
SALLY BEAUTY CORPORATE
sr. Marketing Project Manager
Permanent · Denton
NORDSTROM INC
Manager, Product Management – Checkout
Permanent · Washington
NORDSTROM INC
Product Manager 2 - Inspection And Item-Prep
Permanent · Washington
NORDSTROM INC
sr. Product Manager – Loyalty Platform
Permanent · Washington
NORDSTROM INC
Project Manager ii - Digital Operations - Seattle, wa [Hybrid]
Permanent · Washington
ROSS STORES
Store Protection Specialist
Permanent · Victorville
ROSS STORES
Store Protection Specialist
Permanent · Champaign
ROSS STORES
Store Protection Specialist
Permanent · Wyncote
ROSS STORES
Store Protection Specialist
Permanent · Santa Ana
Published
Jul 16, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Johnstons of Elgin says sales could fall more than 30% this year

Published
Jul 16, 2020

Historic textiles company Johnstons of Elgin has warned its annual sales will be significantly impaired as a result of the Covid-19 outbreak.


Johnstons of Elgin


Speaking about the impact of the lockdown on its sales, chief executive Simon Cotton told Scottish newspaper The Herald that revenues could fall by more than 30% this year and he forecast a slow recovery for 2021.

It comes after strong results for 2019, with sales reaching £77 million on the back of growing demand from international consumers. 

“Almost all our team have been furloughed for some period, as our mills and retail stores had to close during lockdown and have only recently fully reopened,” Simon Cotton said. The cashmere specialist operates two mills in Elgin and Hawick and in 2018 it opened a flagship store in Edinburgh’s luxury shopping quarter on Multrees Walk.

He added: “We expect sales for 2020 to be more than 30% down and are preparing for a slow recovery through 2021.”

But the privately-owned company, which had profits of £6.4 million last year, insisted it is in a good shape to cope with the uncertainty. Funding from the Royal Bank of Scotland was secured under the Government-backed Coronavirus Large Business Interruption Scheme, and the brand said it has a strong balance sheet.

“Despite the very difficult situation in 2020, we are extremely optimistic about the future in the longer-term,” Cotton commented.

The coronavirus crisis is only one of the reasons the brand is expecting sales to drop. With exports generating nearly £30 million in sales in 2019, continued uncertainty over Britain’s future trading relationship with the European Union is also a major threat.

“We do a significant amount of export business around the world and currently benefit from tariff-free access to the European Union as well as to the Japanese market which is very important to us,” Simon Cotton said.

“We are hopeful that agreements will be reached which allow us to continue to trade without duties to these important markets.”

Established over 200 years ago, the knitwear manufacturer has a flagship store on London’s Now Bond Street and retail spaces in Elgin, St Andrews and Hawick. A store in Nantucket, US, closed at the end of 2019.

Copyright © 2022 FashionNetwork.com All rights reserved.