Tommy Kelly’s ESW is targeting annual sales of €5 billion

Dublin-based e-commerce giant ESW is targeting annual sales of £5bn by 2026-2027.

The accounts just filed show that sales for the year ended December 31, 2021 increased by over 271 million euros to 1.24 billion euros. That’s on track to hit about 1.5 billion euros this year, the company said.

ESW works with retailers like Nike and Calvin Klein around the world to help them localize their websites for approximately 200 markets.

Its technology helps process a range of services for customers, from online orders and purchases to handling taxes and duties, delivery, returns, fraud protection and data security.

Earnings (Ebitda) rose to €41 million and net income for the year after tax to €22.9 million.

ESW is led by founder Tommy Kelly, who remained as CEO of ESW after selling his remaining stake in the company in a deal last year that valued the Swords, Co Dublin-based company at around €1 billion

Commenting on ESW’s latest figures, Mr Kelly said growth had shown no signs of slowing before, during and after Covid.

“We have seen continued robust growth in 2022 and are on track to achieve full-year sales of approximately €1.5 billion. We continue to hire talent in Ireland and abroad, which we see as crucial in scaling to a €5 billion business in the years to come,” he said.

Formerly eShopWorld, ESW is now owned by Asendia, a joint venture between units of France’s La Poste and Switzerland’s La Poste Suisse. Asendia has been a shareholder since 2013 and had increased its stake in the company to 50.1 percent in 2017.

The price has not been disclosed, but a valuation of at least €1bn is considered likely.

A bolt-on deal earlier this year brought Los Angeles-based Scalefast into the deal. This deal increased staff from 650 to 1,000 and added clients including DKNY, Charlotte Tilbury, BCBG, Aspinal of London and The Webster

Now in his 60’s, Mr Kelly has grown into one of Ireland’s most dynamic technology entrepreneurs.

He founded ESW a decade ago after running TwoWay Vanguard, one of Ireland’s largest transport groups. He founded the company with his brother in 1998 and sold it to the Dubai-based logistics company Aramex in 2006.

Since selling his stake in ESW, he has made some significant investments: buying real estate agents from Sherry FitzGerald for around €50m and leading a €21m financing round for Dublin-based IT security firm CWSI, as well as leading a €17m Investment in the lifestyle fashion brand Gym+Coffee. Tommy Kelly’s ESW is targeting annual sales of €5 billion

Fry Electronics Team

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