LPP, Polish textile giant records 28 percent rise in returns for 2013

YarnsandFibers News Bureau 2014-02-17 13:00:00 – Poland

LPP S.A. is a Polish company whose field of activity concerns designing and distribution of clothing. LPP currently owns 5 clothing brands. The company's headquarters is located in Gdańsk, including designing resources for all its brands has registered a 28 percent rise in revenue for 2013 compared with the previous year.

It currently has about 700 stores in Poland and over 300 abroad, fronted by its various brands, with the majority of LPP's clothing made in China and India.

Its brands include Reserved, Cropp and House, finished the year with a revenue of 4.1 billion zloty (982.4 million euro), and a net profit of 430.9 million zloty (103.2 million euro).

The company in its fourth quarter confirmed a 25 percent rise in net profit for 2013.

Although figures proved rosy for LPP in 2013, the last 12 months have not been without controversy for the company. LPP drew criticism for delaying the signing of a safety agreement in the wake of a Bangladesh factory collapse that killed over 1000 people. Clothes for LPP brands such as Cropp had been made at the site.

Some 31 international brands signed the agreement in May, straight after the accident, but it was not until five months later, after much negative publicity, that LPP signed the accord.

A campaign for a boycott of LPP clothing was launched on Facebook in January 2014 after it became apparent that it was -re-registering several of its brands abroad in Cyprus and the United Arab Emirates, in order to pay less tax.

In 2014, the company aims to launch its first shops in Germany and Croatia.

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