London Designer Outlet’s LK Bennett store is now closed.
The premium womenswear retailer operated for only three years at the outlet before closing its doors in September 2016.
LK Bennet was one of the big names driving the Wembley outlet concept of a place where visitors might come not just to see the big game but to linger in the aisles and restaurants of big brands.
Staff at the store said that although it’s quiet, they do well on event days but not just any event, they do especially well during concerts, like the recent Coldplay shows. However, they found that LK Bennett have not benefited from the footfall of sporting events, which make up the majority of events at the stadium.
LK Bennet may have not benefited from Wembley’s events but there are also other factors for the possible reason behind its closure.
The fashion industry newswire, Drapers, reported that:
There has been a reshuffle at the top with the former BHS boss, Darren Topp, replacing Robert Bensoussan as LK Bennett’s new chief exec. This change is to get the business to focus on growth, following the announcement of:
LK Bennett’s turnover fell 1.8% in the year to August 2015, its most recently published results. Its group operating EBITDA increased by £400,000 to £3m.
Statements about LK Bennett from senior analysts have indicated that:
“It needs to go back to its roots and focus on shoes and accessories. That’s a growing market in the UK, whereas the wider fashion market is struggling.”
“It’s a good brand with a lot of unrealised potential. It hasn’t had much of a clear direction on what it is and who it is targeting. It needs to get the product right.”
“LK Bennett thinks it is a designer brand but it isn’t. [Topp] has to look at its pricing. There are lessons it can learn from Jigsaw – it lost its way but Peter [Ruis, CEO] has put it back on track. It’s about getting the fundamentals right.”
In place of losing LK Bennett, the LDO has expanded its lineup by introducing, the award-winning organic bath & body product brand, Cowshed.