Luxury footwear brand Kurt Geiger pulled in record profits bucking the trend of weak demand across the wider market.
The footwear brand saw profit hit £40m for the year to February, as shoppers increasingly sought out “affordable luxury”.
The results come as its pricier competitors suffer a decline in sales, with Burberry even recently being demoted from the FTSE 100.
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Kurt Geiger’s sales were also boosted by its growth in the US, where it plans to launch a further four stores this year.
The fashion giant’s CEO Neil Clifford said: “The strategy of increasing prices when consumers were having a tough time to take the same sales from fewer people, I don’t think that has worked [for others].
“We have put a lot of effort and creativity into our product but are at a price point that is lower than all our competitors and I think that is working.”
The update comes amid a slump across the wider luxury market, as shoppers seek to scrimp and save.
In June, Michael Kors’ said its UK sales plunged last year as customers pulled back their spending on pricey purchases.
Additionally, Selfridges set out to make job cuts in May due to the loss of tax-free shopping and reduced luxury spending.
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