GLASSES BRAND KIRK & KIRK REPORTS 40 PERCENT YOY GROWTH; TO LAUNCH INTO SUNGLASSES MARKET High fashion glasses and sunglasses producer Kirk & Kirk has reported 40 percent year-on-year revenue growth in the past 12 months despite the effects of the pandemic. Growth has been driven by the business securing a number of major new wholesale agreements, with more than 400 independent stockists worldwide now retailing its frames. Kirk & Kirk produces luxury glasses, with Chief Designer Karen Kirk’s designs having been worn by celebrities including Robert Downey Jr, Samuel L Jackson, Danny Devito and Prue Leith as well as musicians from Oasis and U2. Kirk & Kirk’s major investor, private equity firm Growthdeck, says that many British fashion brands are still reeling from the effects of the pandemic and struggling to cope with trading issues since Brexit. However, Kirk & Kirk has been able to expand its business in 2020/21 and is looking to grow further in the coming year. One of the ways in which Kirk & Kirk has been able to mitigate the effects of Brexit is by setting up a European distribution hub in France allowing it to sell friction-free throughout Europe. This has also allowed the company to reduce its carbon footprint by not having to ship products to mainland Europe from the UK. Kirk & Kirk is set for a major expansion into sunglasses, which will be marketed both online and through high-end fashion retailers and department stores. The new range is expected to result in an increase in higher-margin online sales. The business has previously focused on selling through opticians, but a doubling of website traffic during the pandemic has made online sales an increasingly important channel. The business is also set to introduce new and exciting features throughout 2022. The brand’s continued growth comes following its previously successful fundraise through Growthdeck, which invested £1 million in 2019. Jason Kirk, CEO of Kirk & Kirk says, “We’ve seen excellent growth in the past year by sticking to our plan of delivering frames that people want and marketing them well. The pandemic hasn’t stopped us doing that. “In this market there is no substitute for the fundamentals - a desirable product, strong distribution and great brand strategy. We’re going to stick to those fundamentals again in the next phase of our growth. We expect 2022 to be an even bigger year for Kirk & Kirk.” Visit www.kirkandkirk.com THE WATCHES OF SWITZERLAND GROUP OPENS NEW TAG HEUER BOUTIQUE IN GUILDFORD Luxury watch and jewellery specialist The Watches of Switzerland Group has partnered with TAG Heuer to open a new TAG Heuer boutique on the high street in Guildford, Surrey. The contemporary space is 86 square meters, making it one of the larger mono-brand boutiques. The interior of the boutique reflects TAG Heuer’s motoring heritage with tones of grey and dashes of TAG Heuer’s iconic red. Over 130 timepieces are available for purchase including TAG Heuer’s newest launch of the Carrera Three Hands collection. The new TAG Heuer Carrera collection is comprised of 13 pieces and four versions. This is one of the six TAG Heuer boutiques that the The Watches of Switzerland Group has collaborated on this year. Rob Diver, Managing Director of TAG Heuer UK and Ireland, said, “We are pleased to open a TAG Heuer Boutique in Guildford. The new boutique will transport customers into the world of TAG Heuer and showcase all collections including our new Carrera collection, which is fronted by our latest brand ambassador, Hollywood actor Ryan Gosling. The boutique is in partnership with our long standing partner Watches of Switzerland Group, who we have already opened three TAG Heuer boutiques with this year, along with a further two in the pipeline with Brighton and Southampton before the year end.” Craig Bolton, Executive Director of the Watches of Switzerland Group, said, “The Watches of Switzerland Group has solidified its role as the market leader in luxury retail as well as experts on the mono-brand model. We are delighted to invite our clients to the stunning new boutique in Guildford and further nurture the partnership between TAG Heuer and The Watches of Switzerland Group.” INDUSTRY NEWS 149
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