Paul Smith shares 3.1 million pound dividend

Sir Paul Smith has shared in a 3.1 million pound dividend despite a fall in sales and profits at his eponymous fashion empire.

The 69-year-old clothing pioneer split the payout with his Japanese licensee, Itochu. Itochu owns 40 percent of Paul Smith, although a source at the company said the dividend was not shared neatly along those lines.

The payout was revealed in accounts for the year to last June, which showed an 8.4 percent decline in sales to 191.7 million pounds and pre-tax profits more than halving to 9.7 million pounds. Like-for-like sales were down by 3 percent.

Smith has regularly taken multimillion-pound dividends from his business. He left school at 16 with no qualifications and opened his first shop in 1970 after being inspired by students from the local art college in Nottingham. Paul Smith now has more than 200 stores worldwide. This year it plans to open more shops in Los Angeles, New York, Sydney and Paris

Image:Sir Paul Smith