Footasylum hails best ever financial performance
Rochdale headquartered fashion streetwear and sportswear challenger Footasylum has recorded revenues in the year to the end of January 2024 up 7% to £319.5m (FY23: £297.9m), marking what the company describes as “another year of record growth”.
Footasylum employs around 2,500 staff across the UK and was acquired by AURELIUS in August 2022. The business was originally started by David Makin, the D in JD, in 2005.
Nick Scott, Footasylum’s Chief Financial Officer, commented: “We are delighted to report that FY24 has marked Footasylum’s best-ever financial performance. We achieved record revenues and profits, driven by double-digit growth in both wholesale and online sales. Our performance was also supported by the success of our creative content channels, which now boast an astonishing 5.8 million followers.
“During the period, we also made strategic investments for future growth. We enhanced our technology to support our omnichannel customer journey, expanded our highly popular own brand portfolio, and continued our digital-first, bigger-and-better store expansion programme. With strong momentum across the business, and the proven success of our ambitious growth strategy, we are extremely optimistic about Footasylum’s future prospects.”
The business sells a mix of footwear, apparel and accessories through stores, websites, and a wholesale channel.
Well-known key third party brands include Nike, adidas, The North Face and New Balance. Examples of Footasylum’s own brands include Zavetti Canada,
Alessandro Zavetti, and Monterrain (pictured).
Earlier this year CEO Barry Bown stepped down to take up a consultancy role with Aurelius Group, Footasylum’s German owner. Bown joined Footasylum in 2018, after a 30 year career at JD Sports, which was forced to sell the business to the German asset management firm Aurelius Group for less than half the price it paid, after UK’s competition watchdog the Competition and Markets Authority ruled against the deal.
Tobias Klaiber, Managing Director at AURELIUS Operations Advisory, said: “Footasylum’s continued strong growth underpins the impact of the bespoke guidance that we are able to provide with our team at AURELIUS Operations Advisory. Our specialists support driving success across various aspects of the business, from working capital management to operational efficiency and, most importantly, growth. We are particularly proud to see the strong management team thriving and positioning the company for further expansion, aligning with Footasylum’s strategy: transforming into a disruptive entertainment company and leading brand incubator.”
