Designer boom as sales soar to €6.1m at Gucci Ireland
IN a sign of renewed consumer confidence, sales of luxury Gucci designer goods soared by 58pc to €6.19m in Ireland last year.
On the back of the massive leap in revenues, pre-tax profits at Gucci Ireland Ltd increased 17-fold to €726,537 in the 12 months to the end of February 28 last.
The directors said that the jump in revenues is primarily due to the Gucci outlet in Kildare Village enjoying a full year of trading.
The store commenced trading in July 2015 and closed in January 2017.
On the company's future developments, the directors state that the company continues to work towards increasing market share by focusing on the achievement of an organic growth of its existing store network.
On the risks facing the firm, the directors said "a significant proportion of our sales performance is linked to the level of tourism in Ireland".
They added: "Exchange rate fluctuations are therefore influential."
The directors said that the company enjoyed a gross margin of 39pc in 2017.
A breakdown of the company's revenues show that €5.3m was from trading with third parties and €823,808 with trading with group undertakings.
Numbers employed at the firm last year decreased from 20 to 18 with staff costs of €577,099.
In 2016, pre-tax profits at another luxury retail firm, Swarovski Ireland Ltd, increased by 73pc to €121,000.
This followed revenues increasing by €1m to €4.9m.
The directors credit a particularly strong performance at the fashion jewellery company's outlet store in the Kildare Village outlet mall as a factor in the growth.