UK. Leading cruise retailer Harding+ has reported a +3.1% rise in revenues in its 2024 financial year to £305 million (US$414.6 million). The business also returned to profit.
The company said its growth was enhanced by “deeper brand partnerships, enhanced data capabilities and a focus on operational efficiency”.
The results came in a period when UK retail sales in general grew by +1.4% (ONS), which Harding+ said underlined “the resilience and opportunity of cruise retail as a sector”. Performance was supported by “new contract wins, more direct-to-brand relationships replacing wholesale, and closer alignment with cruise line partners on guest experience strategies”.
CEO Chris Matthews said: “Our goal has been to simplify the retail model and build stronger, more direct connections between guests, brands and cruise line partners, all as part of our customer transformation strategy. That means more disciplined stock management, sharper range curation and more value offered across the chain.
“The results this year that show a return to profitability for the business alongside the growth, reflect that focus, and the openness of our cruise line relationships have been key to those improvements too.”
In 2024, the company delivered 6 million guest transactions across 300 shops on 86 ships, with 92% of Harding+ guests indicating they plan shopping time into their cruise.
“This level of intent makes cruise one of the most engaged retail environments anywhere in the world,” added Matthews, “and as part of that we saw particular growth this year across costume jewellery (+11%), fine jewellery (+9%), tobacco (9%) and watches (+4%).
“It was also the year we launched boundary-pushing retail concepts on two of the largest ship debuts of 2024 in Queen Anne and Sun Princess, showcasing how bespoke design and brand theatre educated and informed by best in class guest data analysis can enhance the guest journey.”
Harding+ said data-driven personalisation continues to play a leading role in its innovation, with AI and automation now embedded into both logistics and marketing to impact business improvement and service level potential at every stage of operations.
Sustainability remained a focus, and AI-led logistics planning helped reduce CO₂ emissions by -65% year-on-year through fewer emergency freight movements and reduced wastage.
Looking ahead, Harding+ has signalled further investment initiatives in guest insight and digital engagement.
Matthews concluded: “Our ambition will always be to deliver retail that is customer-centric in its thinking, while helping our cruise line partners differentiate their onboard experience to match the wants, needs and expectations of the ever more sophisticated cruise guest.” 🛳️
