Fashion designer Louise Kennedy records six-fold profit increase

Internationally renowned Irish fashion designer Louise Kennedy: 'Once retail reopened in 2021, we saw a strong return to in-store purchasing.'

Designer Louise Kennedy is looking at building her fashion brand out further internationally after recording more than a six-fold increase in profits to €604,387 last year.

Accounts filed by Ms Kennedy’s Signum Ltd show the post-tax profits of €604,387 for 2021 followed profits of €93,246 for 2020.

Commenting on the performance, Ms Kennedy said: “Once retail reopened in 2021, we saw a strong return to in-store purchasing. The demand for special occasion dressing was the key driver for increased sales, with so many weddings and social events back in the calendar.” 

She said: “We will continue to invest in our online presence but we do recognise that in-person is the experience the majority of clients are seeking so we are actively looking at options for building the brand out internationally.” 

The 2021 profits resulted in the company having accumulated profits of €3.51m at the end of last year.

The firm's cash funds rose by €809,245 from €2.05m to €2.86m during 2021.

Ms Kennedy said with international travel re-opening in 2021, inbound tourism in Ireland over the summer and autumn months saw new clients shop in Brown Thomas and at the business’s flagship store on Merrion Square.

She said: "As we did not go into ‘Sale’, many segments of the collection sold through at full margin which helped our increased profits.” 

Ms Kennedy said her London business “recovered quickly and a strong American and Middle Eastern client returned to shop at our store in Belgravia”.

“Online sales are a feature for a number of regular international clients and continue to grow each season, but it is in-person shopping that dominates our sales.”

The business directly employs 20 and asked how the business has performed in 2022, Ms Kennedy said: “The collections have done very well this year.” 

The profit in 2021 took account of non-cash depreciation costs of €32,732 and a gain of €107,729 on foreign exchange.

The business in 2021 availed of Covid-19 support grants from the Irish and British Governments totalling €187,105.