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Bond Street upgrades hit sales at Wempe

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Wempe on Bond Street, London.

Wempe UK Limited saw sales fall by 9% to £16.3 million in 2018, according to accounts published at Companies House.

Operating profit was squeezed by 84%, dropping from £1.6 million in 2017 to £255,000 last year.

In a director’s note accompanying the accounts, Wempe said that the company had performed solidly despite facing a difficult economic background of increased competition, exchange rate fluctuation and a slowdown in global activity.

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2018’s £1.7 million drop in turnover was due to a combination of factors, but particularly as a result of the complete refurbishment of the New Bond Street, London, store over a 5 month period and ongoing roadworks on the luxury thoroughfare.

There was a more optimistic tone looking forward now that the refurbishments to the store and to Bond Street are complete.

“The retail space in New Bond Street provides a unique setting to engage customers. It continues to enable the company to expand its range of products and services departments, which will benefit our customers by improving the Wempe experience,” the report says.

The next set of accounts will include the financial performance of a new A. Lange & Sohne boutique, which Wempe has opened on Bond Street.

 

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