Designer Louise Kennedy aims to focus on building her fashion brand out further internationally after delivering bumper profits on the back of a resurgence in business post-Covid.
Accounts filed by Ms Kennedy’s Signum Ltd show the business recorded net profit of €604,387 in 2021, more than six times the €93,246 earned in 2020 and a multiple of the profits delivered in 2019, the last year before Covid struck..
“Once retail reopened in 2021, we saw a strong return to in-store purchasing,” Ms Kennedy said. “Demand for special occasion dressing was the key driver for increased sales, with so many weddings and social events back in the calendar.”
Inbound tourist traffic over the summer and autumn months after international travel reopened in 2021 saw new clients shop in Brown Thomas and at the business’s flagship store on Merrion Square, Ms Kennedy said.
“As we did not go into ‘sale’ [mode], many segments of the collection sold through at full margin which helped our increased profits.”
Asked how the business has performed in 2022, Ms Kennedy said: “The collections have done very well this year.”
Looking forward she said the business would “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”.
Ms Kennedy said her London business had “recovered quickly [post-Covid] and a strong American and Middle Eastern client returned to shop at our store in Belgravia”.
A €200,000 positive swing in the impact of foreign exchange over 2020 also boosted the figures.
In addition, the business availed of Covid-19 support grants of €187,105 from the Irish and UK governments last year, up from just under €132,700 the previous year.
Accumulated profits stood at €3.51 million at the end of last year, with cash funds rising by €809,245 to €2.86 million in 2021.
The business directly employs 20 people.
