Clarks cuts 1,200 jobs after revenue crash

Clarks plans to cut more than 1,200 jobs after having to admit to a significant drop in revenue. The British shoe brand lost nearly 100 million pounds in revenue last year and remained unprofitable.

“Year of transition”

Clarks reported a revenue of 901.3 million pounds (just over a billion euros) for the fiscal year ending in 2024, nearly 100 million pounds less than in 2023. The loss before tax remained at last year’s level, around 39 million pounds (45 million euros).

In a statement, the board described 2024 as a “year of transition.” The company’s performance is attributed to a combination of global macroeconomic uncertainty, ongoing geopolitical conflicts, and persistent inflationary pressures. The company is now aiming for an “optimisation” of its operations, reducing its workforce from 7,413 to 6,161.

Clarks has had an interim management since May 2024, following the dismissal of former CEO Jon Ram. Nevertheless, the brand has developed a new strategy, which aims not only to cut costs but also to reposition the marketing approach, reorganise the product range, and restore profits by the end of the year. Last year, the Dutch Clarks stores went bankrupt, but distributor GAB took over the operations.