British Designer Brand Paul Smith Continued To Shrink.

Over the past few years, British designer brand Paul Smith, which has seen slow growth in revenue, has been shrinking. Last year, business profits plummeted because of the brand restructuring plan.

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Submitted by the document, the brand's operating profit after deducting special items in fiscal year 2015 ended June 30, 2015 was only 979 thousand pounds, down 94.1% from a year earlier.

Paul Smith announced last year that the Paul Smith, Paul Smith Jeans, Paul Smith London, Paul Smith and Paul products have been streamlined into two product lines for the 45 years since the establishment of the brand.

The main line of Paul Smith will include men's, women's wear, footwear and accessories. Men's wear and women's wear will continue to be released in Paris men's wear week and London Fashion Week, and will be available through global retail outlets and wholesale partners.

The product price and distribution channels will be closer to the consumer's sub line PS by Paul Smith, which covers men's, women's wear, jeans, shoes and accessories. The design will adopt more daring colors and patterns, but more concise and approachable than the main line.

The series will debut with brand new logo and store concept.

It will open in 2016.

"In view of the fact that brands are in pition, investment and remodeling, directors are satisfied with their annual performance," he said.

The 69 year old Paul Smith is the largest shareholder of the brand, holding about 58% of its shares, and Japan has 40% stake in Itochu.

The streamlining plan has generated 973 thousand pounds in fiscal year 2015.

The overall revenue of Paul Smith is reduced by 8.7% on the two major businesses of retail and wholesale.

The complex performance of the core markets in the UK and Italy has dragged retail sales down by 3.6% and a 3% drop in the same store sales.

Wholesale sales fell by 11.1%. The brand said it would revisit all the major distribution channels before implementing the new brand structure. It is expected that wholesale business will tend to be stable in the next few years.