Oh Polly revenues hit record, UK and US expansion planned
today Apr 8, 2019
Glasgow-based fashion e-tailer Oh Polly has reported record revenues during 2018 with its £15.6 million turnover during the calendar year putting it on target to reach £21 million in its 2018/19 financial year.
The company, which is only three-and-a-half years old, sold £8.8 million worth of products in its previous 12 months, which would mean a 140% increase for the latest period if it reaches its goal.
Meanwhile, profitability is growing faster than turnover and pre-tax profits (EBITDA) are on track to more than double from £1.47 million in its last year to over £3 million this time.
The company, which specialises in bodycon eveningwear and party dressing, reported turnover of just £2.1 million in its first year and has grown fast with staff numbers rising as it expanded. It doubled its employee numbers last year and expects to end this year with more than 140 staff across its Glasgow and Liverpool offices.
Founded by Mike Branney and Claire Henderson, the company has also expanded internationally and said it also expects to grow its US revenues fast over the next 12 to 15 months with the company currently sourcing around 20% of its revenue in that market.
CEO Henderson said that the company is growing its market share both at home and abroad and it has “a huge opportunity” to expand its sales in the US.
These ambitions are being helped by its proactive social media strategy. The company has almost two million followers on Instagram and is adding to this number by around 80,000 a month. And that's really important because it has an Instagram-focused sales strategy.
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