The premium tea, coffee and hot chocolate retailer said positive trading across its UK high street sites and growth in Asia leaves it well placed to capture new international opportunities and generate further sales growth over the next few years
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Whittard of Chelsea CEO Nathan Smith outside the brand’s Oxford Circus store in London | Photo credit: Whittard of Chelsea
London-based premium tea, coffee and hot chocolate retailer Whittard of Chelsea has credited strong high street trading in the UK and its growing appeal abroad as driving robust 2023 sales.
Whittard achieved 8% year-on-year group sales growth last year to reach £45.7m ($60m), with UK revenues up 13% to £39.4m ($52m).
The iconic brand currently operates more than 40 retail stores across the UK, including a flagship outlet in London’s Covent Garden. It also opened a new concept store on Oxford Street in July 2024 featuring a tea tasting station, loose tea wall and digital displays charting Whittard’s 137-year history.
In a press release, Whittard said it has more UK retail stores in the pipeline for the next 12-18 months, including a further rollout of the new immersive store concept.
Whittard has a presence in more than 40 markets globally, with its products stocked in premium retailers and department stores across Europe and Asia, and available online internationally.
China is Whittard’s largest market by sales outside of the UK, while South Korea was its fastest-growing market last year achieving 89% year-on-year sales growth.
Whittard is forecasting further international growth over the next 12 months, led by a stronger presence in mainland China and Hong Kong, new wholesale partnerships in the US and greater brand visibility in the Middle East, following a landmark inflight contract with Saudi Airlines.
“Whittard’s future is full of potential. We are committed to building on our strong UK presence and expanding globally in markets where we see great opportunity. With new store concepts, a loyal customer base, and a strong leadership team, we are excited to continue our growth journey and share the Whittard experience with more customers around the world,” said CEO Nathan Smith.
Whittard recorded double-digit like-for-like sales growth in the first eight months of 2024. The premium tea, coffee and hot chocolate retailer has also bolstered its management team this year, appointing former Twinings executive Thomas Baker as Chief Financial Officer and ex-Starbucks Marketing Director Steve Flanagan as Chief Marketing Officer.