Seasalt reports an “impressive” 2024 with revenue up 13 percent

Contemporary Cornish clothing and lifestyle brand Seasalt has reported revenues of 150 million pounds for the year ending February 1, 2025, up 13 percent year-on-year, as it continues to drive sales in stores and internationally.

Seasalt said that revenues have now grown by over 50 million pounds over the last three years and have doubled in size over the last five, while group EBITDA, earnings before interest, taxes, depreciation and amortisation, was 11 million pounds, representing a 5 percent increase (+ 0.6 million pounds) on the previous year.

This reflects the “resilience” of its business model and “strength of our customer value proposition despite ongoing external challenges and economic uncertainty,” added Seasalt in its annual trading statement.

The British brand also reported “significant progress” towards its strategic objective to accelerate international growth, with international sales now representing 11 percent of its total revenue, up from 7 percent in the prior year due to Seasalt’s investments in international growth across channels, including opening its first US store on Cape Cod, and the fourth Irish store in Wexford.

Other highlights included another “record-breaking” year in its bricks and mortar stores, with sales up 8 percent on the previous year. Growth in footfall contributed to delivering like-for-like growth of 2 percent (on a 52-week basis), building on 9 percent the prior year. All stores that have been open for more than twelve months "are profitable,” added the brand.

Seasalt is also continuing its investment in stores in the UK, opening in Glasgow, Rushden Lakes and Wexford, as well as relocating its store in Cribbs Causeway, Bristol. It adds that full-price stores are “a strong brand awareness driver”, and this growth in awareness further supports the online business too.

Online revenues also grew 8 percent year-on-year, which the company attributed to its increased investment in digital marketing, alongside the positive impact of international stores and third-party channels.

Seasalt revenue boosted by store sales, third-party partners and international growth

Seasalt also highlighted the “significant progress” made in growing relationships with strategic partners, such as Marks & Spencer, Next and Zalando, with third-party channels, including wholesale, becoming the company’s fastest growing channel in the year, accounting for 24 percent of total revenue, up from 13 percent. The Cornish brand was also recognised as one of Zalando’s fastest-growing brands during 2024, driving strong international growth in both new and existing European markets.

There was also progress made towards its ambitious sustainability targets, with the group achieving B Corp certification in the year, with a score of 100.2 vs a sector benchmark of 80.7.

Paul Hayes, chief executive officer of Seasalt Cornwall, said: “The trading period under review represents another strong year of revenue for Seasalt, up 13 percent year-on-year, representing growth across every channel. We set out with a long-standing ambition to expand internationally, including opening our first US store, which we successfully launched in September 2024, and we have continued to grow our store portfolio in the US, Ireland and here in the UK since.

“It was a milestone year in terms of our ESG commitments too, seeing us realise another ambition to achieve BCorp status, which we achieved with an outstanding score versus our sector average. As always, we are not content to rest on our laurels, despite ongoing global uncertainty and economic challenges, we are concentrating on our growth plans for the year ahead, with a particular focus on our partner channels where we see significant opportunity, along with expanding our own store portfolio in tandem.”

Established in Cornwall by Don Chadwick more than four decades ago, Seasalt has grown into a premium lifestyle multichannel retailer with 80 stores across the UK, Ireland, and two US stores, as well as a thriving online business. The brand also has a strong wholesale presence across the UK and Europe, including M&S, Next, QVC and Zalando. The business is still owned by the Chadwick family and is one of Cornwall’s biggest employers.