Designer Paul Smith reorganized his fashion empire after worst performing annual profit
Britain fashion icon Sir Paul Smith revamped his company after annual profits plunged 50 percent into the lowest levels since its 40-year existence.
This Is Money reported that Smith said his fashion empire needs a "kick up the backside." He said been streamlining the brand's clothing ranges, shut down to stores, and made some managers redundant. The company's pre-tax income went down £9.7million this year ending June, a decrease from last year's £20.7million.