Represent sales jumped in 2024 as expansion programme accelerated

Represent Clothing has filed its accounts for 2024 and they show “another landmark year”, with turnover up 16.1% to £93.9 million.

The company said that EBITDA for the period jumped to £15 million from just £400,000 in the previous year even though the EBITDA margin was lower at 16% (down from 18.1%), excluding exceptional costs. But the gross margin improved to 58.5% from 57.6%. 

Operating profit before exceptional items increased to £13.8 million from £13 million and the final profit for the financial year was just over £12 million, up from £9.8 million in 2023.

It was a busy year for the company and within its primary channel — online — key highlights included the success of collaborations with notable brands and partners, as well as the growth of its activewear range and its US expansion. It invested in marketing and accelerating brand awareness and said that new customers increased by 13% during the year.

In its wholesale channel it saw revenue growth of 22% “driven by the continual advancement of relationships with our strategic partners, which have been further strengthened via investment in in-store fit-outs, activation events and exclusive ranges”. 

During the year it also expanded into physical retail with the successful openings of flagship stores in Los Angeles in the US and Manchester in the UK.

2024 also saw the firm scaling and it increased its headcount to 135 from 78 and most importantly it entered into a strategic partnership last year with investment and innovation firm True, which acquired a minority interest. The company said True will “leverage its considerable expertise in the consumer sector to enable Represent to further scale and accelerate growth”.

As mentioned, last year was a busy one and this year appears to be no different. The company recently announced former Dr Martens CEO Kenny Wilson as its chair. It has also launched into womenswear as well as unveiling other new collections, and at the start of the year it opened a major Selfridge pop-up. 

It continues to target growth within all channels in the UK and international markets and its first London Store will open this year.