Jeweller Monica Vinader shines as international revenues soar
today May 10, 2019
Norfolk-based Monica Vinader has posted a 20% increase in revenues, helped by its continued retail growth and strong demand from US and Korean wholesale clients.
The company said revenues for the year ended 31 July 2018 grew to £42.8 million from £35.8 million a year earlier, while international sales grew 28% and now account for 47% of all revenue.
Favoured by celebrities including Olivia Palermo, Claire Foy, Kate Winslet, Olivia Munn and Sophie Turner and royals like the Duchess of Cambridge and Princess Beatrice of York, Monica Vinader focuses on ‘accessible luxury’ designs.
The brand has been growing fast since its launch a decade ago. Last year it opened new stores in Covent Garden and Bicester Village, and since year-end, it added new locations in Hong Kong, Singapore and London to its retail portfolio.
Additionally, its wholesale business seems to be performing well, driven to a large extent by sales made to North American department stores and its South Korean franchise partner.
This helped the business make a profit before tax of £1.5 million, which was a significant improvement on the prior year when it recorded a profit of £0.3 million. Group Ebitda was £3.3 million, up £1.7 million on the previous year.
Monica Vinader, the brand’s founder and chief executive, said: “We are delighted to have achieved another impressive year of growth across all territories. In our 10th anniversary year, our team and ambitions for the brand remain stronger than ever. We look forward to introducing our unique, contemporary pieces to even more customers worldwide.”
The business is hoping to make sales of £50 million this year.
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