ME+EM says sales momentum continued into current year
ME+EM, a U.K. fashion retailer whose designs are worn by members of the British royal family, posted sales growth for its most recent year and said sales momentum continued into the current year, driven by its U.S. expansion. The company reported revenue of $284 million for the 12 months through Sept. 26, up 24% from the year-earlier period, according to results seen by The Wall Street Journal.
U.S. sales rose 48% to $111 million during the same 12-month period. The disclosure came alongside ME+EM’s results for the year through Jan. 31.
In the Jan. 31 results, earnings before interest, taxes, depreciation and amortization increased 53% to $50 million as revenue rose 29% to $251 million, the Journal reported.
ME+EM said a strong online performance and store openings bolstered its sales growth.
The retailer has made a push into the U.S. and plans to open stores in Houston and Los Angeles. Work on openings in additional locations was under way.
Britain’s Queen Camilla granted ME+EM a royal warrant in April. The warrant is a recognition for companies that regularly supply goods to the royal household.
Catherine, Princess of Wales, and celebrities Julia Roberts and Oprah Winfrey also wear the brand.
Venture-capital backer Highland Europe increased its shareholding in ME+EM, raising its initial investment after a 55 million-pound ($73.3 million) funding round in 2022. Further details of the investment could not be learned.
Highland previously invested in protein-shake maker Huel and cycling-training platform Zwift.
Reporting was by Aimee Look for The Wall Street Journal.