Pippa and Brian pay hike and expansion costs cut firm's profits
Expansion costs at a fashion retail firm co-owned by entrepreneur and lifestyle guru Pippa O'Connor last year resulted in pre-tax profits reducing sharply to €184,985.
That is according to new accounts filed by Ms O'Connor's Ronnoco Collection Ltd which show that the pre-tax profits for the 13 months were down substantially on the pre-tax €1.3m profits recorded in the firm's first 15 months in business.
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The drop in profits is partly due to Ms O' Connor and her husband and business partner, Brian Ormond increasing their joint pay from €106,139 to €391,385, including pension payments of €26,000. The profits were also hit by the additional costs associated with the firm more than tripling its workforce from six to 19.
At the end of October last, the firm was sitting on accumulated profits of €948,643. The firm is involved in the manufactures and retail of fashion wear and the firm was sitting on a cash pile of €20,456 at the end of last October.
The firm is just one of six that Pippa and Mr Ormond have established in response to the massive demand for Pippa-branded goods, including her best-selling 'Poco' jeans collection. In the first 16 months, Pippa sold 50,000 pairs of the branded Poco (Pippa O'Connor Ormond) jeans.
Today, the pippa.ie website has sections devoted to fashion, beauty, travel along with an online shop for its Poco jeans collection.
In a previous RTÉ interview, Ms O'Connor said: "I just out of a hobby started a blog ... I just simply started to document my style and my pregnancy fashion and it really grew organically from there."