Kiely hopes to bag foreign market

RENOWNED fashion designer Orla Kiely is hoping an overseas expansion and an increased number of retail outlets will boost revenues by 20% for her company.

Ms Kiely’s views are contained in accounts filed by Kiely Rowan plc, which show revenue at the London-based firm increased by 11%, from £7 million (€7.97m) to £7.89m in the 12 months to the end of March.

Pre-tax profits dropped by 9.6%, from £468,479 to £423,277.

Dublin-born Ms Kiely is best known for her distinctive print handbags and the company, which she runs with husband, Dermott Rowan, also sells branded clothes, home wares and accessories.

A graduate of the National College of Art and Design in Dublin, Ms Kiely last year was one of six Irish designers honoured by An Post with the release of six fashion stamps.

Ms Kiely and Mr Rowan say they “are satisfied with the improvement despite the hard economic conditions during this period”.

Gross profit increased by 10.5% to £3.8m with the profit margin stable at 48%.

Ms Kiely and Mr Rowan each received £152,000 in salary last year, a 16% increase on the £130,000 they got in 2010. They received £75,000 dividends each against £100,000 in 2010.

Staff numbers increased from 49 to 57.

According to the accounts, the key risks and uncertainties facing the company are contingent on the possibility of a double-dip recession affecting the British marketplace. They state: “To mitigate this impact, we are expanding our product offering and developing our international and internet business.”

Ms Kiely and Mr Rowan said they hope that the 20% increase in turnover will take place in overseas expansion in the US and Asia and also an increased number of retail outlets.