Russell & Bromley has introduced a five-year-turnaround plan designed to return the model to sustained development.
The “Russell & Bromley re-boot” is made up of 5 parts: model & product, folks, development & enlargement, advertising and marketing, and operations. It’s going to goal to streamline the shoemaker’s operations and gas market enlargement.
The plan comes within the wake of a difficult 2024 for the agency. Turnover to the yr finish fell by 9% year-on-year to £56.5m with an working lack of £9m, which the corporate attributed to “macro-economic headwinds mixed with a interval of serious development funding for this transformation”. This follows an working lack of £7.1m within the yr to 31 December 2023 when turnover dipped by 7.1% to £62.9m. It final made an working revenue in 2019, of £0.9m on a turnover of £85m
This funding included a relocation of the worldwide headquarters to Kingly Avenue in London’s Soho and the relocation of their distribution centre to Corby, Northamptonshire. There was an 8.5% discount in total employees because of the transfer to Soho. The shift to Corby additionally resulted in redundancies with 5 members of employees selecting to relocate to the world. The enterprise employs greater than 500 folks throughout head workplace, shops and distribution centre. The five-year plan will outcome within the enterprise taking steps to handle operational prices to enhance income and might be restructuring its head workplace.
Daniel Beardsworth-Shaw joined Russell & Bromley in Might final yr as the primary inventive director within the model’s 145 yr historical past to take the helm throughout model and product design, an appointment designed to shift the enterprise to a design-led mannequin by autumn/winter 25, with the launch of his first assortment for the model throughout footwear and equipment. Deliberate worldwide enlargement is predicted to start with the Center East in 2026.
Andrew Bromley, chief govt of the agency, which stays household owned, stated: “We’ve got launched into a change technique that may information Russell & Bromley in direction of a brand new period of development and restored profitability. An formidable roadmap constructed upon our ongoing dedication to craft, innovation, service excellence and finally reconnecting with our model function of empowering clients to really feel distinctive on a regular basis.”
