Sales at Cefinn — the premium label owned by Samantha Cameron — faced issues beyond its control in its latest year but it moved away from wholesale to focus on DTC and this is a key growth area.
That’s according its latest accounts for the year to last October.
It said sales fell 5% to just £4.2 million in the 12-month period, as Cefinn took a “strategic” decision to move away from wholesale sites such as Matches and Net-A-Porter. In Matches’ case, the company had no choice given the webstore’s collapse into administration earlier in the year. But Net-A-Porter has also struggled and the DTC shift reflects a wider move within the luxury sector.
While turnover is tiny, the Cefinn label has a higher profile than many similar companies given the association with Samantha Cameron. The wife of former UK Prime Minister David Cameron had worked in the luxury goods sector before she moved into 10 Downing Street and launched her label in 2017, the year after her husband stepped down as PM following the Brexit vote.
The company’s current DTC model comes via both its own shops and its webstore.
But while sales fell, the newspaper also reported that DTC revenue specifically rose 28% in the year to £3.6 million so this is clearly the right way to go for the business.
The brand’s customer base also rose by 29% and the company said the momentum has continued into the current financial year.
As for profitability, that remains elusive with the brand recording a pre-tax loss again, although it narrowed slightly to £354,000 from £357,000. It said the loss “reflects the nature of an evolving, contemporary fashion business which has had to change its strategy mid-year through no fault of its own”.
“Despite the challenge of moving away from our wholesale distribution channel, our pivot towards a wider direct-to-consumer proposition has performed well,” the company explained. “We are pleased that we are delivering a strong performance across e-commerce, bricks and mortar and international sales, highlighting the appeal of the brand across different channels and markets.”
Cameron, who was previously a director of Smythson, launched the label with a focus on career and occasion clothing, although she’s since added more casual options to the line-up.
She’s one of the best advertisements for her own designs and is often photographed wearing them, as are a number of prominent royals and other well-connected celebs.
The company has a permanent store on Elizabeth Street in London’s upmarket Belgravia and a pop-up on the King’s Road in Chelsea. Cefinn is also negotiating for another permanent store and grew its job numbers during the year in question.
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