Profit soars at luxury handbag firm loved by Princess of Wales and Meghan Markle

Luxury handbag maker Strathberry, popular among celebrities such as the Princess of Wales, Jennifer Lopez, and Meghan Markle, has reported a significant increase in profit.

The Edinburgh-based company's pre-tax profit rose to £3m for the year ending April 30, 2024, up from £1.3m the previous year, as reported by City AM.

According to newly filed accounts, turnover also jumped from £17.3m to £26.8m during the same period. Strathberry, founded by Guy and Leeanne Hundleby in 2013, has grown its workforce to around 100 employees.

The brand, which has received an £8m investment from the Business Growth Fund in 2021, sells its products in high-end retailers like Harrods and operates stores in Edinburgh, London, and Shanghai. In a statement, the board said: "During the year, the company continued to demonstrate resilience and achieved strong growth despite the challenging market conditions faced by the retail industry."

"Strathberry has continued to maintain the positive revenue growth momentum into the current financial year."

"The growth trajectory is supported by new product launches and continued brand development and reach."