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PRINGLE OF SCOTLAND‘s owners have injected a £10.3 million investment into the knitwear brand, following another year of ailing sales. In 2012, the company suffered a loss of £6.3 million – an improvement on the £9.5 million loss posted in 2011.
“The directors are not expecting to report operating profits in the short term, but are satisfied that the development of the brand and of the business are progressing in line with their long-term strategic objectives,” said Pringle chairman Douglas Fang.
The label plans to expand overseas to help combat losses, the Guardian reports. This isn’t the first time that Pringle has received a bailout – in November 2011, its owners ploughed nearly £11 million into the brand after it posted losses of £7.25 million from January 2010 to 2011.