Dutch SuitSupply has suffered another loss in 2018, albeit a smaller one than in 2017. Founder Fokke De Jong takes pride in the continuing turnover growth.
Turnover nears 300 million euros
SuitSupply had a turnover of 289.2 million euros last year, a 20 % growth (not taking exchange rate fluctuations into account). All those suits and ties earned the company a turnover of 120 million in the United States, while the Dutch home marked reeled in some 55 million – meaning growth has almost disappeared. After earning a profit of 3.2 million in 2016, that marker took a turn for the worse however, with a 11 million loss in 2017 and a – somewhat smaller – 9.6 million loss last year.
The company, founded in 1999, aims for further foreign expansion and had last year to show for that ambition: fourteen new stores opened, including some in New York and Sydney. This year should feature eight new stores in China, compared to the only four stores the company has now. 2019 should be roughly the same as the previous years: “I expect a 20 to 25 % turnover growth“, Dutch business paper FD quoted De Jong.
