Bimba y Lola’s sales climb on international demand
Bimba y Lola has announced its financial results for the first half of 2016. The quirky Spanish label increased sales by 29% in the six months between 1 March and 31 August, 2016, with like-for-like sales growth of 14%.
The company said its expansion efforts paid off as international sales grew by 45% in the period.
The brand’s expansion also played a role in the increase of people working for the label. Over the six-week period, Bimba y Lola’s staff grew by 15% compared to the prior year.
The designer clothing and accessories brand expects sales for the second half of the financial year to reach 142 million euros (about $160 million). International markets now account for 30% of the brand’s total sales and the management aims for non-domestic sales to reach 50% as it strengthens its business in Europe, Asia, the Middle East and Latin America.
The expansion strategy includes the opening of up to 10 new stores in the upcoming six months, joining Bimba y Lola’s portfolio of 220 points of sale including standalone stores and concessions.
Founded by María y Uxía Domínguez, nieces of Spanish fashion designer Adolfo Domínguez, the company reported revenue of 115.7 million euros (about $130 millions) in the previous financial year. This was up by 17.4% on the previous period.
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