Duchess boosts Irish designer’s profitability
The group recorded the increase in profit in spite of revenues decreasing by 3%, going from £8.24m to £8m in the 12 months to the end of March this year.
The directors attribute the drop in revenues to the business moving away from lower margin discounting and concentrating on growing the group’s retail and internet business.
They state: “This resulted in an increase in gross profit percentage to 45.5% compared to 43.6% last year, meaning that gross profit was actually slightly in excess of last year’s performance, despite the reduction in turnover.”
The Irish designer — best known for her quirky, retro stem prints — runs the firm with her husband, Dermott Rowan.
Last year, the Irish-designer’s business received a boost from the Duchess of Cambridge, Kate Middleton after she wore one of Kiely’s designer dress coats.
Other celebrity fans of the brand include Girls creator, author and actor Lena Dunham and actors Keira Knightley, Kirsten Dunst and Zooey Deschanel.
The group’s established and growing license programme continues to bring the brand into thousands of stores from John Lewis in the UK to Myer in Australia and Target in the United States.
The figures show that 63% of the group’s revenues were recorded in the UK with 16% in Europe, 14% in the US and 7% in ‘rest of world’.
On the company’s future developments, the directors state that the company will continue to expand in to new markets and improve performance in existing ones.
They state: “The company have embarked on a long term collaboration in Japan, which will see retail brand activity.
The indications are that all markets, particularly the UK have improved, as well as e-commerce and the company is well placed to take advantage of these developments.” Staff numbers increased from 61 to 62 with staff costs reducing from €2.28m to €1.97m.
Remuneration for directors reduced from £324,306 to £323,923. In addition, £100,000 was paid in rent to Mr Rowan and Ms Kiely.
