The founder of British fashion label Ted Baker has vowed that consumers will not be hit with price hikes this year after the group unveiled sparkling festive trading numbers.
Chief executive Ray Kelvin, who set-up the business in 1988 with a single store in Glasgow, said a combination of hedging against currency movements and a dollar-denominated income from its US unit would help keep a lid on inflationary pressures.
“We were hedged for two years and we have one year left on that. We’re a public company, we don’t gamble with things like this, plus we also have a big dollar income. So there won’t be any price increases this year, we’ll remain great value.”
Ted Baker revealed a 17.9 per cent increase in retail sales for the eight weeks to 7 January. But the company also flagged a “backdrop of ongoing external factors”, which Kelvin defined as the growth of internet-based commerce and political uncertainty.
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The retailer, which has annual sales of £1.3 billion and 59 stores in the UK and Ireland, noted the like-for-like sales jump in the six weeks to 31 December.
Chairman Frank Slevin said the firm started laying the foundations for its transformation last year, and looking ahead to 2017 and beyond, “must continue to adapt as the retail sector evolves”.