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Luxury cashmere brand boosted by US expansion

A luxury cashmere retailer whose products have featured in the two most recent James Bond films has recorded increased turnover and pre-tax profits in its latest accounts, boosted by the opening of its first US store.

N.Peal, based in Beamsley, near Bolton Abbey, was established in 1936 and boasts an illustrious list of celebrity clients, with its cashmere jumpers worn by the likes of Marilyn Monroe, Elizabeth Taylor, Cary Grant and Ava Gardner.

For the 2012 film ‘Skyfall’ and 2015 film ‘Spectre’ the company also supplied a series of bespoke cashmere jumpers for the James Bond character.

The latest accounts for N Peal (Retail) show turnover grew to £13.9m in the year ending 31 December 2018, up from £12.8m the previous year.

The company also recorded increased pre-tax profits of £1.71m, having generated 1.67m in 2017, and a rise in adjusted EBITDA from £1.96m in 2017 to £2.1m last year.

In February 2018, N.Peal opened its first US store on New York's Madison Avenue. The retailer also refurbished its locations on Burlington Arcade and Brook Street in London.
Managing director Adam Holdsworth said: "2018 was another strong year for N.Peal (Retail) Ltd with like-for-like turnover increasing by 10 per cent, a reflection of the niche and quality product we offer and the percentage of repeat custom.

"A major development in 2018 was opening a store on Madison Avenue, New York in February 2018 and we are delighted that growth here exceeded expectations, tapping into a very loyal NY clientele. A second New York store opened this week (September 2019).

"In the UK market, there has been growth across all areas, particularly menswear and have refurbished stores in Burlington Arcade and Brook Street, to reflect this. Brand recognition and following amongst male consumers has increased, particularly after N.Peal sweaters were worn by the character James Bond in the Skyfall and Spectre films.

"A key objective for 2019 is investment in systems and the team to support the international growth. There will be a very exciting brand collaboration with the Bond franchise and a licensed 007 cashmere collection announced in October 2019 which should help deliver another strong set of results. The company has plans to open further strategically located stores in Europe and the US to support brand awareness and online growth."