Russell & Bromley eyes market expansion with five-year turnaround plan
Russell & Bromley has revealed a five-year turnaround plan aimed at returning the luxury footwear brand to long-term growth.
Russell & Bromley has launched a five-year turnaround plan aimed at returning the luxury footwear brand to long-term growth.
The ‘re-boot’ focuses on five key pillars: brand & product, people, growth & expansion, marketing, and operations.
The plan aims to streamline the family owned fashion retailer‘s operations and drive expansion into new markets, Drapers reported.
This strategic overhaul follows a challenging 2024 for the brand, with turnover falling by 9% to £56.5m and an operating loss of £9m.
The company attributed these losses to “macro-economic headwinds combined with a period of significant growth investment for this transformation.” Russell & Bromley last reported a profit in 2019, achieving £0.9 million on a turnover of £85m.
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The retailer’s investment included relocating its global headquarters to Kingly Street in London’s Soho, alongside moving its distribution centre to Corby, Northamptonshire. The shift led to a reduction in staff by 8.5%, with some redundancies at the distribution centre and five employees opting to relocate.
As part of the five-year plan, Russell & Bromley is restructuring its operations and head office to address cost inefficiencies and improve profitability.
Daniel Beardsworth-Shaw, appointed as the brand’s first creative director back in May, will play a pivotal role in driving the shift to a more design-led model.
His first collection for the brand will be launched for autumn/winter 2025, covering footwear and accessories. The company is also eyeing international expansion, with plans to enter the Middle East market in 2026.
CEO of the business Andrew Bromley said: “We have embarked on a transformation strategy that will guide Russell & Bromley towards a new era of growth and restored profitability. An ambitious roadmap built upon our ongoing commitment to craft, innovation, service excellence and ultimately reconnecting with our brand purpose of empowering customers to feel exceptional every day.”
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