The family of the late fashion icon Dame Vivienne Westwood has received a substantial £35 million payout following a year of record-breaking profits for her eponymous label. The dividend marks a significant increase from the previous year and underscores the brand's robust financial health under the stewardship of her widower and creative director, Andreas Kronthaler.
Record Profits Fuel Major Payout
Newly filed accounts for Vivienne Westwood Ltd reveal a dramatic financial upswing. The company's pre-tax profit soared to £59.5 million for 2024, a substantial leap from the £44.4 million recorded in 2023. This continues a remarkable post-pandemic growth trajectory, with profits climbing from just £3.9 million in 2020 to £19.3 million in 2021 and £38.4 million in 2022.
This impressive performance enabled the board to issue a £35 million dividend to its shareholders, primarily the heirs of Dame Vivienne Westwood. This payout is more than triple the £10 million dividend distributed in 2023. Revenue also saw healthy growth, rising to £155 million in 2024 from £133.2 million the year before.
Navigating Retail Challenges and Strategic Shifts
Despite the overall profit surge, the company's latest report highlights some challenges within its sales channels. Retail store sales experienced a slight decline of 3.6 per cent, while online sales saw a sharp drop of 53.1 per cent. The company attributed this significant online slump to a major restructuring of its digital operations, which are now managed through a sister company based in Italy.
Conversely, the wholesale division performed exceptionally well, with turnover jumping by 58.2 per cent. In a statement, the board acknowledged ongoing pressure on profit margins, citing wider retail conditions, geopolitical factors, and rising inflation. "The company has been focusing on alleviating this pressure by reviewing pricing to improve gross profit margins and this policy will continue on an ongoing basis," the directors confirmed.
A Legacy in Safe Hands
Dame Vivienne Westwood passed away in December 2022 at the age of 81, leaving her business interests in the control of her husband, Andreas Kronthaler, and her two children. Kronthaler, who serves as the brand's creative director, manages the fashion empire through the UK-based Vivienne Westwood Ltd and Latimo, a Luxembourg entity that holds the brand's valuable trademarks.
The latest financial results demonstrate that the avant-garde fashion house, renowned for its punk heritage and activist ethos, is not only preserving its cultural legacy but is also achieving formidable commercial success. The £35 million dividend represents a tangible reward for the heirs safeguarding the future of one of Britain's most iconic fashion brands.
