French Connections- Trouble.

French Connection’s,Stephen Marks, (who set up French Connection in 1972 and is the company’s chairman and chief executive), reported a 22.5 per cent plunge in pre-tax profits to £3.1 million for the year up to February. Sales across the business slipped 2 per cent to £236.1 million, with menswear sales down 11 per cent in the UK. Last year Mr Marks said that French Connection was on the rise after it lost its appeal to British shoppers. This only further adds to the worries that the economy is falling into a recession with businesses opting out for cheaper tax destinations like Zurich.