The Group sells into over 70 countries around the world where our brands and products are enjoyed by millions of consumers. Our key markets are the UK, the USA and South Korea.

Established sales channels

The Group sells into over 70 countries worldwide and has sales offices in the UK, US, Canada, Europe, The Middle East and the Far East.

We sell our product primarily via UK and US websites and through a network of distributors, agents and own-retail stores.

In line with many businesses, we have seen a shift in demand from bricks and mortar retail to online channels. The increase in consumer demand for online has been further impacted by our focus to grow this channel, and 50% of total sales in our core UK and US markets are now made via an online platform, whether our own ecommerce store, pureplay web stores or omnichannel retailer websites.

We serve our customers from our warehouses in the UK, the US and Canada. We also direct ship from sourced suppliers to maximise efficiency and lead times where appropriate to do so.

SALES

£32.9 million

The UK was the second largest market for the Group in 2021, with sales of £32.9 million (2020: £31.8 million) or 31% of the Group’s total revenue.

Market implications

The UK market remains competitive, the Covid-19 pandemic increased the accelerating trend of traditional retail store sales being transitioned to online shopping.

During 2021, non-essential retail was closed for the first quarter of the year, with stores then re-opening and footfall building as confidence returned in physical shopping channels.

Response

We continue to react to market trends in our brands and online capabilities. We have invested significantly in our websites, teams and fulfilment capacity to ensure we can satisfy the increased direct to consumer demand.

In addition to our own websites, we increasingly sell through omnichannel retailers who have both physical retail stores and a strong online presence.

GROUP REVENUE

40%

The United States was the largest market for the Group at £42.5 million of sales (2020: £33.5 million) representing 40% of total Group revenue.

Market implications

The United States market experienced a very similar trend to the UK, with the shift to online continuing. This market benefitted as a result of increased direct to consumer orders for large retailers with an online platform.

Response

We have gained great value from the successful acquisition of the Nambé brand during the year (acquired 2019), which has added additional scale to our operations in the key US marketplace.

We continue to leverage our teams and grow our online presence and capabilities following the replatform of our US websites in Q4 2020.

SALES

£18.7 million

Sales into South Korea were £18.7 million (2020: £13.1 million) or 18% of total Group sales in the year.

Market implications

South Korea was the first of our major markets to be impacted by Covid-19 in the prior year, although consumer demand rebounded strongly.

The Group has taken a disciplined approach to this market in order to avoid overstocking and reduce levels of parallel shipping.

Response

New product launches continue to sell through well in this market, and we were able to grow sales in 2021 to a new sustainable level.

The steps taken to stabilise this market have been successful and we expect to see growth from a stable base in the coming years.

COUNTRIES

70

The Group sells into more than 70 countries around the world which accounts for 11% of the Group’s revenue. Sales increased to £12.0 million during the year (2020: £9.4 million).

Market implications

Retail markets around the world reopened at various different points during 2021. A number of our markets remained in lockdowns well into the first half of the year.

Additionally, the impact of increased regulation, cost and administration from Brexit created additional disruption on sales into Europe.

Response

We continue to invest in our international design and sales teams.

We develop market specific products to meet local demands, we will continue to review and position our teams in strategic locations around the world.

Rest of world markets are important to reduce reliance on a specific market. We are confident there are significant growth opportunities and demand for our products, and we are aiming to build three key new sales markets in the medium term.