Fashion label Sweaty Betty has slashed nearly 100 jobs as it bounced back into profitability for the first time since 2021.
The London-based firm reduced its staff numbers from 990 to 903 as it rebounded from a pre-tax loss of £13.4m to a profit of £1.5m in 2024, as reported by City AM.
Newly filed documents at Companies House also disclosed that the brand’s turnover dipped during the same period, from £144.2m to £140.4m.
Sweaty Betty was established by Tamara and Simon Hill-Norton and was bought out by American clothing manufacturer Wolverine Worldwide in August 2021.
Wolverine Worldwide’s portfolio also encompasses brands such as Hush Puppies, Chaco, and Merrell.
Sweaty Betty hails ‘strong recovery’
In a statement approved by the board, Sweaty Betty celebrated a ‘strong recovery’ stating: “Following the 2023 reorganisation which transferred North American wholesale operations out of Sweaty Betty Limited, the company has demonstrated a strong recovery in 2024.”
The brand attributed its improved financial standing to “improved gross margin performance, tighter cost control and a significant reduction in reorganisational exceptional items”.
In the UK, Sweaty Betty reported a turnover of £111m, a decrease from £116.4m.
In the US, the division’s turnover also dropped from £13.5m to £9.3m, however, sales in the rest of the world increased from £14.2m to £19.9m.
Founded in 1998, Sweaty Betty was named after a song by British band the Macc Lads.
Last year, Sweaty Betty broadened its footprint in the US by launching two new outlets in Chicago and Washington DC.
Global brand president Melissa Mullen expressed her excitement at the time, stating: “We are thrilled to open these new locations in Chicago and DC, which mark an exciting opportunity to connect with new communities and deepen our presence in key markets,.
“We look forward to being part of these vibrant cities, supporting our consumers’ active lifestyles, and continuing to grow our global sisterhood.”
