Stars fail to stem losses at celebrity bag firm The Cambridge Satchel Company
The Cambridge Satchel Company has lost nearly £2million in the year to June 2020
With fans including Lady Gaga and Taylor Swift, The Cambridge Satchel Company has long been a favourite with celebrities.
But that has not stopped the British firm losing nearly £2million in the year to June 2020 having failed to register a profit since 2014.
Founder Julie Deane, who received a CBE in the Queen’s Birthday Honours this summer, has vowed to stick to her guns despite a share issue in 2019 diluting her control.
She said: ‘Years of investment in our manufacturing base have served us well and allowed us to avoid some of the supply chain issues others have had to manage.
‘We remain committed to our core beliefs: timeless style, craftsmanship, British manufacturing to make bags that will last for decades. These pillars resonate now more than ever.’
Set up in 2008 the firm fast became a viral phenomenon with fashion bloggers and then celebrity fans, such as Swift.
Although Deane is the ultimate controlling party, venture capitalist Index Ventures and private equity group Cassia have big stakes.