Mar 8, 2017
Bimba y Lola sales surge 31.7% in 2016 on international growth
Mar 8, 2017
Bimba y Lola achieved sales of €152.4 million in the year to 28 February 2017, representing a 31.7% increase compared with the previous year, according to a report released by the upmarket brand on Tuesday.
With this result, the Galician brand founded by designers Uxia and Maria Dominguez, nieces of Adolfo Dominguez, has exceeded its target for the year. It expected sales to grow in double digits, according to earlier reports.
A geographic breakdown of the figures reveals a 31% increase in sales in Spain (21% on a like-for-like basis), while the international segment also performed strongly with increases of more than 20% in Portugal, Mexico and Singapore. Chile and Korea grew by more than 50%, and France and the UK experienced sales increases of over 60%. The international segment not accounts for 26% of the company’s sales.
To support this growth Bimba y Lola continues opening new stores, as outlined by its international expansion plan. It ended 2016 with 12 new shops, taking the total number of stores and concessions it operates to 222.
In the coming months the brand plans to add at least 20 new locations in France - including its first concession stores outside Paris at Printemps Lyon and Printemps Cannes - the UK, Portugal, Qatar and Mexico.
The premium brand is also set to take its expansion in Spain one step further with new standalone stores and concessions at El Corte Ingles.
The company said it is also preparing its arrival into the world’s “most attractive” markets, however further details on the subject were not provided.
As part of the expansion effort, Bimba y Lola is currently analysing the opening of new headquarters. It employs more than 1,000 people across the world, which represents a 17.2% increase on the previous year.
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