Online shoppers help Aspinal of London bag higher sales and profits

Online shoppers have helped fuel sales and profits growth at Aspinal of London, the upmarket accessories brand according to latest results.

The firm, whose bags have been spotted on the arms of the Princess of Wales and Jennifer Lopez, also sells products including small leather goods such as phone cases and card holders. The company was founded in 2001 by entrepreneur Iain Burton.

Newly filed accounts show turnover reached £35.4 million in the year to the end of March 2023, a 19% leap from £29.8 million in the prior 12 months.

During the same period pre-tax profits increased to £5.5 million from £3.8 million. Adjusted EBITDA came in at £7.3 million, up from £5.5 million.

The brand's report said that over the year Aspinal continued to "operate a successful profitable, cash generative business model with the majority of sales being generated through online channels".

Strategies it said it will continue to pursue to generate future growth include boosting digital sales further and operating shops in key strategic locations.

The company sells through its own website as well as being stocked by retailers such as Harrods and Harvey Nichols, and it has standalone London shops at the Royal Exchange and on Regent Street.

The Evening Standard reported last month that Aspinal of London was among businesses to make long-store commitments at The Royal Exchange.