Revunes at the Irish-owned Gym + Coffee clothing brand last year more than doubled and a half to around 20 million euros.
Niall Horgan has confirmed that the retail brand is planning to open three more stores or ‘club’ this year.
The three new stores will bring the company’s total to 13 across Ireland and the UK.
Mr Horgan said one new store would open in Ireland and two in the UK.
The sports brand, which includes musician Niall Horan and former Irish rugby captain Brian O’Driscoll as investors, was founded in 2017 and Mr Horgan said headcount has doubled in 12 months over 200 people now.
“We are very proud of that,” Mr. Horgan said. We have a great team who really have ambitions for the brand and the business. ”
The Cork native commented on the new accounts for Gym + Coffee, showing that the company recorded a pre-tax profit of nearly 1 million euros in 2020.
The new accounts show that the company recorded a pre-tax profit of €977.699 for 2020 and this entailed a pre-tax loss of €146,113 for 2019.
Mr. Horgan said the business’s 2020 revenue quadrupled in 2019. Regarding the 2020 performance, Mr. Horgan said: “There is high demand for our product throughout 2020 and when Covid succeeds, it has accelerated trends in e-commerce and sports. ”
“We have also seen a huge wave of support for Irish businesses and have been amazed to see our community and customers rallying around the local brands they trust,” he said.
Mr. Horgan stated that the company continued on a growth path last year, especially in the area of online sales.
Mr. Horgan said online sales make up the majority of the brand’s revenue. The business will invest in its network of stores in Ireland this year to give stores “innovation”, he said.
It is understood that the main focus this year will be on the development of the business internationally. Mr. Horgan said international sales The current accounts for about 25pc of all sales.
Of Niall Horan and Brian O’Driscoll’s involvement, Mr Horgan said: “It’s great to have people in their bio who support the brand and the business.
“They’re really committed to the brand’s mission and it’s been a tremendous support and vote of confidence to have people like Niall and Brian on board.”
At the end of December 2020, the company had a cumulative profit of 542,209 €.
https://www.independent.ie/business/irish/gymcoffee-sales-hit-20m-with-three-new-stores-planned-41433691.html Gym + coffee sales hit 20 million euros with three new stores planned