C&J Clark Limited, the parent company of footwear brand Clarks, has reported a statutory turnover of £901.3 million (US$1.23 billion) for 2024, and announced a “strategic overhaul”.

This result reflects a 9.4% decline compared with the previous year. The company also recorded a loss after tax of £39.3 million (US$53.84 million).

In response to these challenges, Clarks has launched a wide-ranging strategic overhaul, including significant cost-cutting measures, organisational restructuring and renewed focus on product positioning and marketing.

The departure of CEO Jon Ram in April prompted the formation of an interim executive committee to ensure business continuity during the transition. At the same time, global market instability and declining consumer demand weighed heavily on performance, particularly in key retail markets such as the UK and the U.S.

To address rising costs and operational inefficiencies, Clarks implemented a series of rationalisation measures, including workforce reductions, team consolidations and the relocation of transactional roles to lower-cost hubs such as Malaysia. IT development was outsourced, and European warehouse operations were consolidated to streamline logistics.

On the product side, Clarks adjusted its pricing strategy and launched an “essentials range” in the UK to appeal to more price-sensitive consumers. Meanwhile, marketing efforts were recalibrated to attract more traffic to physical stores and online platforms. Retail performance, initially below expectations due to cautious consumer spending and intensified promotional activity, began to improve modestly in the latter half of the year thanks to targeted merchandising and marketing.

Wholesale business remained broadly in line with 2023, with the U.S. continuing as the brand’s largest market. In the UK, however, an uptick in off-price sales helped drive volumes but at the expense of margins.

In contrast to Western markets, the APAC region showed promising growth. Direct-to-consumer sales in the region rose, and Clarks expanded its premium Originals concept stores in China, building on earlier success in Japan. A new “China for China” product line was also introduced, tailored specifically for local market preferences.

Looking ahead to 2025, Clarks has outlined a three-pronged strategic focus: to grow market share profitably in core and emerging markets, enhance operational profitability through disciplined cost management and simplify the organisational structure with clearer lines of accountability.