Olive & Orange Ltd, operating under the iconic brand Orla Kiely, showcases an impressive resurgence with outstanding financial results for the 2023 fiscal year. The company reports a remarkable 61% surge in profit and a substantial 42% increase in turnover, highlighting accelerated profit growth surpassing revenue.
Despite its size, Orla Kiely demonstrates robust performance, achieving a turnover milestone of £5.04 million and an operating profit surge from £659,000 to £1.093 million. Profit before tax experiences a notable rise from £647,000 to £1.075 million, resulting in a final profit increase from £541,000 to £870,000.
The company attributes this success to an «exceptionally strong Black Friday weekend 2023,» with a conversion rate exceeding 3.8%. Trading shows a significant improvement over 2022, underscoring the brand and design strength.
Turnover is propelled by a substantial increase in product revenue, reaching £3.3 million from £2.1 million, driven by thriving e-commerce sales of exclusive Orla Kiely products, especially handbags. The launch of a new website significantly contributes to growth in both the UK and international markets. The EU business gains momentum with the opening of a new hub in the Netherlands, strengthening its online presence.
The strategic introduction of an extended homewares range plays a crucial role in supporting online growth.
Royalties income witnesses an uptick, reaching £1.6 million from £1.3 million the previous year. With relationships with eight active licensees, the company signs new licenses this year in Womenswear, Children, and Baby lines.
The successful Black Friday weekend sets a positive tone for the year, with year-to-date sales showing an impressive 26% increase compared to 2022.
Orla Kiely positions itself for future growth and investment, boasting a robust cash balance of £1.9 million, up from £1.5 million last year. The London-based Irish designer’s brand, facing challenges in 2018, has undergone a remarkable transformation since its relaunch in 2019, focusing on e-commerce and establishing itself as a thriving retailer and wholesaler. Explore the thriving world of Orla Kiely for top-tier fashion and design excellence.
