High end fashion retailer Ted Baker has reported a 20.9% increase in retail sales for its eight-week Christmas trade period from 11 November 2012 to 5 January 2013.
Continuing the trend seen elsewhere in the fashion sector, Ted Baker has shrugged off concerns about weak consumer spending and even opened a new store at Heathrow's terminal 3 during the period.
Ray Kelvin CBE, founder and chief executive, said in a statement that 2013 would see Ted Baker continue to build brand awareness in its newer markets, where it plans to invest for the longer term.
"We remain focussed on the continued development of the brand globally with further store openings planned in Shanghai, China in the first half of 2013," he said.
In addition, Ted Baker also announced that Robert Breare, its non-executive chairman, has decided to step down after more than 11 years in the role. David Bernstein, currently senior independent non-executive director, will succeed Breare as non-executive chairman with immediate effect.
Nick Hood, business analyst at Company Watch, told the Huffington Post UK Ted Baker had taken advantage of the clear polarisation between luxury and value offerings which is emerging as a feature across the retail spectrum.
"Its overall sales surge is impressive, as is its success online. Better still was its determination to avoid joining the discounting mania all around them in the UK high street," he added.