Our strategy is built around two pillars: generating consistent, sustainable sales growth and improving our operating margins, thereby converting sales more effectively into profit.

Read more about Our Strategy in Action here.

Progress

  • The Group owns brands with over 700 years of combined history.
  • Sales remained robust despite the impact of the Covid-19 pandemic on our major sales markets.
  • Clear brand guidelines defined and plans for future growth identified.

Future outlook

  • Further investment in our six global brands which are the key economic driver of value creation.
  • Expected differentiation in product development with creation of new ranges and more giftware for online space.
  • More focused investment in sizeable new ranges and launch campaigns such as new Sophie Conran for Portmeirion collection.

The Board’s governance role

  • The Board oversees the Group’s operations to ensure competent and prudent management by the Executive Directors and the senior management team.

Link to KPIs

Progress

  • Transition from physical retail to online space accelerated by Covid-19 pandemic.
  • Strong online sales growth in 2020.
  • New websites launched in the US in H2 2020 and plans for significant investment in UK platforms in 2021.

Future outlook

  • Further investment in ecommerce expertise, online platforms, integration into third party systems and warehouse fulfilment capabilities.
  • Expect trend of online sales growth to continue in 2021 and beyond.
  • Specific product development to drive sales growth in online space.

The Board’s governance role

  • The Board approves the Group’s long-term objectives and strategy and monitors performance against these objectives. Where applicable, the Board ensures any necessary corrective action is taken.

Link to KPIs

Progress

  • South Korea has been a very strong sales market for the Group for nearly 20 years.
  • Much improved discipline to reduce excessive parallel shipping.
  • New product development completed in 2019 now selling strongly in the market.

Future outlook

  • Overstocks in this market have now subsided and improving sales out in the market in 2020.
  • Aim to supply multi-brand into this market to expand our product offering.
  • Much more stable base to provide sustainable growth in the future.

The Board’s governance role

  • The Board reviews all financial performance of the Group in major markets.

Link to KPIs

Progress

  • Nambé now fully integrated into US business and cost synergies realised.
  • Wax Lyrical division pivoted to making vital supply of hand sanitiser during 2020 pandemic.
  • Robust performance from both brands in a challenging year.

Future outlook

  • Wax Lyrical to extend into hand and body care ranges.
  • Nambé range well positioned for growth into UK and other export markets.
  • Global home fragrance ambition to grow significantly in core and new markets.

The Board’s governance role

  • The Board approves all changes to the Group’s corporate structure.

Link to KPIs

Progress

  • The Group currently export into over 70 countries around the world.
  • Completed acquisition of Portmeirion Canada in August 2020 to provide opportunity for growth in that market.
  • Brexit transition managed and potential for growth in Europe.

Future outlook

  • Sales growth in Canada including increase in online capabilities.
  • Targeted growth with ambition to build three new sizeable sales markets.
  • Expand product offering in export markets including Nambé and home fragrance.

The Board’s governance role

  • The Board reviews all financial performance of the Group in major markets.

Link to KPIs

Progress

  • UK factories open and operating safely at pre-Covid throughput.
  • Significant procurement savings identified and in progress.
  • Warehouses around the world managed significant shift to online fulfilment.

Future outlook

  • Roadmap of investment in factory efficiency projects to improve profit margins.
  • Procurement saving realised and more opportunities available.
  • Improve warehouse capabilities and potential for future growth.

The Board’s governance role

  • The Board approves the annual operating and capital expenditure budgets and any material changes to them. 
  • Capital and operational expenditure over £250,000 must also be approved by the Board.

Link to KPIs