SuitSupply raises sales and profit despite fewer stores

SuitSupply has fully recovered from the pandemic and looks forward to further growth in the coming years. “The tailor-made suit is not dead”, CEO Fokke de Jong rejoices.

Increase existing shops

SuitSupply saw its revenue rise 11 % to 553 million euros last year, while net profit rose to 30 million euros, Quote reports. The retailer achieved those strong figures with fewer shops, as its total number of stores went down from 117 in 2022 to 108 at the end of 2023 as SuitSupply left Russia and also closed shops-in-shops in American department stores.

The results confirm that after several particularly difficult years, the company is now truly risen above pre-pandemic levels. 2022 already saw a turnover growth and a net profit of 8.1 million euros, as founder De Jong injected 35 million euros into the company.

He sees his faith in the concept justified: “After the pandemic, people thought the suit had had its day. But we have proved that suits are not dead. Besides, the mix between elevated casual and classic suits seems to work well. Our in-store tailoring service is also on the rise”, the CEO says. Further growth in 2024 and 2025 will come partly from increasing the size of existing shops, such as those in London. To keep investing, the retailer does not pay a dividend this year.