Sports lifestyle label Fred Perry saw sales dipping 2 per cent in the year to March 31. The British brand saw sales worth £110.8 million, down from £113 million year earlier. The 65-year-old label has been owned by Japan’s Hit Union since 1995 and the owners paid themselves an increased dividend, rising to £11.3 million from £7.8 million. That higher payout was the result of an increase in profits as the company cut costs and saw generally lower expenses.

The company also increased the cash on its books to £13.6 million from £5.2 million, an important fact as weak cash flow can be a problem for otherwise-buoyant businesses. And as of March 31, the company had total net assets of almost £90 million and no debt.

Fred Perry, which was founded in 1952 by the former Wimbledon tennis champion, says sales in the UK and Europe were flat during the 12-month period it planned to continue focusing on building the Fred Perry brand by improving the “quality and depth” of its product offer across men’s, women’s, footwear, accessories and kidswear.

The company is continuing its pop culture associations with other celebrity hook-ups. It has been heavily associated with the music scene and youth culture since the 1960s and is continuing this tradition with its newest collaboration, launched late last year, being with musician Miles Kane.