Ann Summers faces financial challenges, prompting critical business decisions.
- The company cuts jobs to manage escalating costs and sustain operations.
- Ownership invests £5 million to support the lingerie retailer’s financial health.
- Company leaders express commitment to brand heritage despite economic pressures.
- Leadership changes accompany the company’s strategy to optimise costs.
Amidst rising costs, Ann Summers, a well-known lingerie retailer, is taking significant steps to address its financial situation. The company’s ownership, led by the Gold family, has injected £5 million into the business to alleviate its ongoing financial pressures. The action aims to curb substantial losses observed over the past year.
Ann Summers reported a loss of £3.9 million in the financial year ending July 2023, despite a slight increase in turnover from £101 million to £104 million. The funding to support the company was provided by Green Street Holdings, an entity controlled by the Gold family, highlighting their commitment to the company’s sustainability.
In an effort to streamline operations, the company has reportedly made between 20 and 30 roles redundant. According to CEO Maria Hollins, the retailer faces mounting pressures from high taxation and rising costs. Hollins remarked, “All retailers are under significant pressure…while we work towards growth, this unfortunately included making a small number of colleagues redundant.”
Leadership adjustments have also been noted, with notable departures including the chief marketing officer Natalie Amosu, and channels director Joseph Wright. However, it remains uncertain whether these exits were direct outcomes of the redundancy measures implemented by the company.
Despite these challenges, Vanessa Gold, appointed chairman following the passing of Jacqueline Gold, maintains a positive outlook, emphasising the family’s dedication to preserving the brand’s legacy and stability in both UK and international markets.
Ann Summers remains committed to adapting its business model amidst financial challenges, striving for growth while respecting its legacy.
