BMB Clothing Limited, which trades under the name Baird Group, has fallen into the red following a series of store closures, job losses and a licensing sale linked to a wider strategy review.
The firm, which oversees the UK formalwear distribution of the recently collapsed British brand Ted Baker, fell into a loss of 9.38 million pounds for the 11 months leading up to December 31, 2023, compared to a profit before tax of 356,000 pounds in the 12 months ended January 28, 2023.
Its turnover decreased to 49.3 million pounds, down from last year’s 82.5 million pounds, while its gross profit also fell, dropping from 39.3 million pounds to 26.1 million pounds, as stated in a financial report filed with the UK’s Companies House.
During the period, Baird Group said it underwent a transition in its strategy as it looked to adapt to the “challenging trading environment following the pandemic and cost-of-living crisis”.
Among these changes was the simplification and a renewed focus of its Suit Direct brand business activities, which led the group to ultimately sell its licences for the Ben Sherman label and exit its European licence with the menswear brand by December 31, 2023.
The company further appointed Koray Gul as its new CEO, who the board believes will help to “cement its position as one of the key menswear, wholesale and retail players in the UK”.
Looking ahead, and under a new strategic direction, Baird Group said it was “well positioned to drive forward” due to the closure of “unprofitable stores” and changes to senior personnel. It additionally will go ahead with plans made under a Product Strategy review that was initiated to determine a more refined product range.
Baird Group did warn that it was still facing challenges in the market, however, particularly with the uncertain future of the Ted Baker brand, which filed for administration earlier this year and has since reportedly closed all of its UK stores.
Yet, the group ascertained that its new strategic approach had “already produced positive results”, especially during the spring/summer trading period.
