Our long-term strategy is centred around driving profitable growth through:

  • developing significant online sales channels including our own websites in key markets. In doing so we deepen the relationship with our end consumer and provide enhanced levels of satisfaction and demand for our products in the future;
  • increasing our footprint in new markets through new product categories, and driving commercial activity in new geographies;
  • building our brands’ reach to engage even more consumers through new product design, as well as new formats of existing product and ranges including those targeted at the growing market for gifting; and
  • leveraging our long established areas of core business strengths. These include investing in automation in our UK factories to drive both extra capacity and cost efficiency, our network of sourced factories around the world, and developing further direct to consumer warehouse capacity in our core markets.

We are confident that these initiatives, taken together, will drive accelerated sales growth and a sustained improvement in our operating margins which will deliver enhanced shareholder value. Within these areas the Group has a number of specific areas of focus. We updated shareholders on these areas of focus on 14 September 2021 within our Interim results for the six months ended 30 June 2021 available 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