Lion Capital, Owner of AllSaints and John Varvatos, Reports 36% Revenue Increase for Fiscal Year
AllSaints and John Varvatos, sister brands under the ownership of Lion Capital, have demonstrated significant growth in sales and profits for the fiscal year ending in January 2023.
The financial results encompass a full year of business for John Varvatos, a New York-based brand acquired by AllSaints in October 2021.
Total revenue for the 12-month period surged 36 percent to reach £457 million. AllSaints’ revenue experienced a 25 percent increase, reaching £390.9 million. Notably, the retail segment saw a 22 percent rise, while wholesale, franchise, and licensing revenue witnessed an impressive 44 percent growth.
John Varvatos’ revenue contributed £66.1 million to the overall figure.
Lion Capital reported a nearly tripled operating profit for the group, reaching £28.5 million. Additionally, post-operating exceptional earnings before interest, taxes, depreciation, and amortization (EBITDA) soared 66 percent to £59.1 million. The group’s net cash position expanded to £46.8 million, in contrast to £31.1 million during the corresponding period in the previous year.
Lion Capital attributed the fashion group’s strong performance to the introducing of new products and a continued international expansion strategy, including store openings in Taiwan and South Korea. This positive momentum has carried over into the present year.
The period following January has seen the group maintain its positive trajectory, with AllSaints and John Varvatos brands achieving robust revenue and EBITDA growth.
A significant driver of this success has been the investment in a new e-commerce platform, which has enhanced customer service capabilities and facilitated strong digital performance.
Expanding its footprint, the group inaugurated its first AllSaints store in mainland China, situated in Shanghai, in April. Innovative efforts have continued, such as launching the AllSaints sunglasses collection in the spring and unveiling a new store design concept in Los Angeles.
Peter Wood, CEO of AllSaints, characterized the fiscal year 2023 as a “record year for AllSaints,” attributing the performance to a focus on product development, excellence in e-commerce, global store network expansion, and effective inventory management. He also highlighted the promising growth trajectory of John Varvatos, particularly in the alternative luxury menswear market.
Wood emphasized the group’s optimism for the future, citing both brands’ strong momentum and proven resilience.
It’s worth noting that John Varvatos sold his eponymous brand to Lion Capital in 2020, with Lion winning the auction for the bankrupt men’s designer brand’s business. After the sale, Varvatos established an OTD — On This Day brand. However, due to various factors, including the impact of the pandemic, OTD closed its doors earlier this year.