Operating profits dropped 15% to £34.3m in 2023.
Founded in 1894, Barbour remains a family business, under the leadership of Dame Margaret Barbour.
In 2023, the brand collaborated with the likes of Ganni, Erdem and french luxury brand Balzac Paris, as well as creating an upcycled collection with Gucci.
Barbour’s managing director Steve Buck said: “The ongoing aftermath of the pandemic can still be seen in our supply chain and the economic fallout resulting from the cost of living crisis, war in Ukraine, uncertainty across global markets, intense cost pressures, in particular exchange rate pressure and competition for volatile demand remaining high, have all presented numerous challenges to margins across all channels and markets.”
After raising its prices in February in an attempt to offset rising production costs, Buck said the business did not expect any further price rises, adding that “offering good value to our consumers is paramount and as a consequence, we have not raised our prices in line with the cost increases we are experiencing”.
