Sales and profits fall sharply, but womenswear and jewellery show resilience as luxury retail navigates a post-Brexit landscape
Christian Dior’s UK division had a tougher time in 2024, with newly filed accounts showing a noticeable drop in both sales and profit. Turnover fell by 16%, coming in just over £280 million for the year. Profit before tax took a sharper hit, down 41% to £27.6 million. This is a significant drop from the £46.6 million Dior reported in 2023, and even further from the £60 million it earned in 2022. Final profit for the year landed at £21.88 million, down nearly 40%.
There were a few successes in an otherwise challenging year. Dior’s women’s ready-to-wear sales were up 2%, and its watches and jewellery division saw 5% growth—results that suggest continued demand for Dior’s core offerings, particularly in categories that reflect brand heritage and craftsmanship.
But while Dior’s leadership is calling the year “solid,” the numbers make it clear that the company has been facing many of the same pressures affecting the broader luxury market in the UK. The end of tax-free shopping for international visitors has made Britain a less appealing destination for luxury retail. High-spending tourists who once saw London as a key shopping stop are increasingly looking elsewhere. At the same time, shoppers at home are feeling the pressure of a prolonged cost-of-living crisis, with fewer people willing—or able—to spend on high-end fashion.
These shifts are reshaping the landscape for luxury in post-Brexit Britain. While much attention has focused on how smaller brands are coping, Dior’s UK results suggest that even major houses are feeling the strain.
It is also important to note that these UK accounts don’t reflect Dior’s global performance. Major operations like design, marketing, and long-term strategy are all run from its headquarters in Paris. Still, the UK figures offer a useful window into how one of fashion’s most iconic brands is adjusting to the realities of a market that has grown significantly more complicated in recent years.
Dior’s UK performance in 2024 highlights the challenges of operating in an increasingly complex and unpredictable market. While growth in womenswear and jewellery provides some positive signs, the overall picture reflects a period of cautious adjustment. For Dior and many other luxury brands, the UK market is proving to be a more demanding environment. Without significant changes in the broader economic and political landscape, maintaining a “solid” performance might remain the most realistic expectation.