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Former L'Oréal and LVMH man Geoffroy de La Bourdonnaye seems to be winning the battle to turn Liberty into a must-visit place for the upmarket designer crowd.
Two years after joining the West End store as chief executive, the Frenchman was able to claim that Liberty is a "retail sector beacon" thanks to sales last year rising 9% to £50.2 million despite one of the toughest periods for retailers in decades.
The figures for the year to the end of December follow a refurbishment of the store.
De La Bourdonnaye was hired by chairman Richard Balfour-Lynn to turn around a brand that had become stale and to attract a trendier, richer clientele. Balfour-Lynn complained in 2000 that too many "vicars' daughters from the shires" frequented the store.
The plan has been to turn Liberty into a global luxury brand - a rival to Burberry. The group only started distributing its goods to other stores in 2007. It now boasts 100 outlets including Le Bon Marché in Paris and Corso Como in Milan.
The "Renaissance of Liberty" was unveiled in February by Slumdog Millionaire star Freida Pinto but it has not been cheap: pre-tax losses rose by £600,000 to £6.4 million for the year
However, Balfour-Lynne says this will be worth it in the end. The chairman said: "We appreciate that we are operating in a difficult and uncertain economic period. However I am confident that investing during these challenging times to refocus our identity will considerably improve our ability to achieve our vision and create value for shareholders."
At 220p, the shares are down from a 12-month high of 310p. The stock is 68% held by property group MWB.
Weekly sales figures from John Lewis show just how tough the retail environment remains.
Sales at the department store fell by 11.6% year-on-year in the week to 18 April. This marked the 13th successive week of declining sales.
Economists say that it will only get tougher on the High Street as employers make redundancies and freeze pay.
