The Founder of the shirts-to-suits specialist said that business “literally fell off a cliff” in 2020.
The onset of the Coronavirus pandemic saw consumers rein in their spending and pivot their interests to activewear and loungewear in a time where working from home has become the norm. This has seen Charles Tyrwhitt cut a quarter of their 1,000 staff members and close four of its 42 stores permanently.
Nick Wheeler, Founder and Chairman, said in an interview: “I thought it was a good, solid business and it will always work and suddenly, the day came in March when the unbelievable thing happened and everyone stopped going to work. We had a lot to do very quickly.”
The company made a loss for the year to July however Wheeler remains optimistic for the future, commenting: “People still like to dress up and I suspect – well, hopefully – there will be twice the number of weddings.”
