Gucci Ireland sees profits rise 22% to nearly €1m

Revenues at Irish arm of luxury clothing firm jump 37% to €5.5m

Profits and revenue at Gucci Ireland have risen. Photograph: Bloomberg

Profits and revenue at Gucci Ireland have risen. Photograph: Bloomberg

 

Profits at the Irish business of luxury retailer Gucci increased last year by 22 per cent to €913,956.

Revenues at Gucci Ireland jumped 37 per cent from €4 million to €5.5 million in the 12 months to the end of February last.

The global brand shut its Kildare Village store in January 2017 and the retailer’s remaining outlet in Ireland is housed in Brown Thomas on Grafton Street in Dublin.

Growth strategy

The directors’ report said that “we continue to work towards increasing our market share by focusing on the achievement of an organic growth on the existing concession network, providing an excellent retail experience to our customers and optimising the merchandise available for sale”.

The company’s gross margin last year was 56 per cent compared to 58 per cent in fiscal 2018.

The report said the key elements of company’s growth strategy here include continuing to increase the company’s range of high-end exclusive products.