The 226-year-old company, known for its high-end textiles like tweed and cashmere, cited a “slowdown” in the luxury goods market and revised its sales projections for the coming year. Despite reporting £100 million in sales last year, a 20% increase, the company anticipates lower sales in 2024 and 2025 due to “global economic uncertainty” and shifting consumer behaviour.

A Johnstons of Elgin spokesperson said: “In results to be filed later this month, Johnstons of Elgin will disclose sales for the year ending December 2023 of £100m, up 20% on the prior year.

“We have seen strong growth in each of the last three years in line with the overall strength of the luxury market following the pandemic.

“However, in 2024 the market has slowed considerably, due to global economic uncertainty and changes in consumer behaviour. We now expect sales in 2024 to be lower than last year and have had also to revise downward our future projections for 2025.

“Unfortunately, this means that we will have to consult with our workforce in Elgin to restructure our team in line with current and expected future demand.

“We expect 60 full-time equivalent roles to be affected from a total workforce of around 750 at this location. There are no plans to reduce our workforce in our Hawick mill, where volumes have been less impacted.”