Business Irish

Tuesday 17 September 2019

Dior enjoys sweet scent of success as profits rise

 

Horse sense: Models strike a pose for Christian Dior’s upcoming ‘Cruise’ fashion campaign
Horse sense: Models strike a pose for Christian Dior’s upcoming ‘Cruise’ fashion campaign

Gordon Deegan

THE Irish arm of Christian Dior enjoyed the sweet scent of success last year as profits increased fivefold, to €103,804.

That is according to new accounts which show that Parfums Christian Dior (Ireland) Ltd achieved the sharp increase in pre-tax profits in spite of revenues decreasing by 5pc, from €2.54m to €2.4m.

The directors state that "there were cost savings activated in 2017 on overheads which ensured that profitability was maintained even though the turnover decreased".

The directors stated that turnover decreased in 2017 by 6pc due to a change in sales mix strategy.

The directors recommended the payment of a divided of €140,000. Accumulated profits at the firm last year increased from €87,249 to €160,187.

Numbers employed last year increased from 50 to 55, with staff costs going from €1m to €1.38m.

Separate accounts for another luxury brand, Swarovski Ireland show that pre-tax profits last year increased marginally from €121,000 to €129,000.

This followed revenues decreasing by 5pc from €4.9m to €4.6m.

The directors state that the strong sales performance seen in the prior year continued in all stores during 2017 with the Swarovski retail stores achieving like-for-like growth of 3.8pc.

On the overall drop in revenues, the directors state that the challenges posed by the general decline in retail consumer confidence did impact on trading.

Irish Independent

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