Turnbull & Asser reports widening loss amid restructuring and investment

London-based luxury shirtmaker Turnbull & Asse has reported a widening loss for the financial year ended January 25, 2025, as the company undertakes a significant internal restructuring and investment program. According to the latest filings, the heritage brand posted a loss after taxation of 1.73 million pounds (2.35 million dollars), compared to a loss of 1.37 million pounds in the previous year.

Despite the bottom-line performance, turnover rose by 7.4 percent to reach 9.99 million pounds. The company attributes this to an “organic, fully operative turnover” achieved without relying on traditional annual sales events, which were discontinued in 2023 to protect margins and brand prestige.

Strategic turnaround and retail expansion

The year was marked by a “recovery of sales” across all categories, bucking broader trends in the global apparel market. A key highlight was the June 2024 reopening of the Davies Street boutique in Mayfair, which had been closed for five years.

The store’s performance in its first six months has been instrumental in covering lease overheads. Furthermore, the company unveiled a refurbished segment of its flagship 71 Jermyn Street premises just before Christmas 2024, introducing a broader collection concept intended to influence its international approach.

In December 2025, Turnbull & Asser appointed Roberto Menichetti—the designer credited with Burberry’s turnaround—as its new creative director. His vision for 2026 focuses on "quiet innovations" in fabric development, sustainable shirting, and tailoring techniques.

Manufacturing exclusivity and technological transition

The company has moved to secure its supply chain by converting raw material sourcing to 100 percent exclusivity with its mills and suppliers. This creative shift is designed to ensure “non-competition at a worldwide level” by offering unique finishes and fabrics across all product categories.

Internally, the company is managing a transition to a new enterprise resource planning (ERP) system.

The company’s net assets fell to 4.17 million pounds from 5.89 million pounds in 2024. However, cash and cash equivalents improved significantly to 2.05 million pounds, up from 869,000 pounds. This liquidity was bolstered by a new two million pound loan from its shareholders, the Fayed family.

Auditors at HaysMac LLP noted a “material uncertainty” regarding the company's ability to continue as a going concern, as its future remains dependent on continued financial support from its ultimate controlling party.