Profits at Russell and Bromley more than halved last year as rising costs and falling sales took their toll.
The upmarket shoe and handbag retailer, whose customers have included the Duchess of Cambridge, posted a 55.7 per cent fall in profits to £6.2million in the year to the end of December.
Revenues slumped 6.2 per cent to £100.6million compared with a year earlier.
Russell & Bromley was founded in 1873 by shoemaker George Bromley who married the daughter of his employer, Albion Russell.
The company is still owned by the Bromley family and led by Roger Bromley, the founder’s great-grandson.
Its shoes have been worn by Prime Minister Theresa May, including a pair of £215 leopard print kitten heels.
Russell and Bromley is closing London shops in Oxford Circus and High Street Kensington after shutting four stores last year.
It blamed the weaker pound, minimum wage requirements and rent and business rates bills for pushing up operating costs.
Karla Rendle at researcher Global Data said: Russell and Bromley must better justify its prices by showcasing its quality credentials and value for money, or it risks its 1.3 per cent UK market share falling further.