Orla Kiely annual sales surge as business targets US expansion
British designer brand Orla Kiely saw sales jump 15.8% to £8.3 million in the year to end of March, with continued success in the Far East, the US market and its handbag range contributing to the growth.
According to recently filed accounts, the company experienced a 20% increase to £5.8 million in turnover in the UK, while European turnover (including Ireland) dropped from £375k to £40k as a result of European exports being handled through a UK distributor.
The Far East contributed with to stellar 91% increase to £809k in rest of the world turnover, while the business enjoyed a 6% boost to £1.6 million in the US.
The US is becoming a priority for Orla Kiely, with the company planning further growth in that market for the next year.
In an interview with the Independent, CEO and co-owner Dermot said: "We are satisfied with the growth in sales and have a firm foundation on which to grow the company further.
"The increase in sales is continuing into 2018 and the company is poised to seek investment for expansion soon."
The CEO highlighted the brand’s bags as a key sales driver in the UK, but the company is also developing new lifestyle products to add to the retail mix.
During the period, the company opened two new retail outlets, including a new concept store in Brent Cross shopping centre. It also developed a new internet platform.
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