The owner of women's fashion chains Karen Millen and Oasis has annual sales in Ireland of almost €37 million, it has emerged.
The figure, made public by Mosaic Fashions yesterday, is the first to illustrate the strength of its business in Ireland, which sells some of the best-known womenswear brands.
In addition to Oasis and Karen Millen, the group also owns the Coast and Whistles chains
In the prospectus for its flotation this summer on the Iceland stock exchange, Mosaic disclosed that it had sales in Ireland of £25 million (€36.93 million) in the year to January 29th.
The group did not make public its profits in Ireland, which were bundled with its British business. However, it has made rapid inroads into the Irish market at a time when consumer spending has boomed.
The group now has 36 outlets both in Dublin and in locations such as Cork, Galway, Limerick Tralee, Waterford, Kilkenny and Dundalk.
It has a presence on many of the main shopping thoroughfares in each of these locations and in virtually all of the major shopping centre developments that have opened in recent years.
While acquisitions in the most recent financial year make financial comparisons difficult, Mosaic's pro forma operating profit margin of 9.73 per cent suggests the Irish business could be turning annual operating profits of €3.59 million.
The sales figure published yesterday reflects business at 19 Oasis stores and concessions in department stores, nine Coast stores and concession, five Karen Millen stores and concessions and three Whistles concessions.
The Irish sales figure for Mosaic of £7.8 million in respect of the previous accounting period reflects business for only 18 weeks.
This figure does not account for sales at that time from Karen Millen and Whistles businesses in Ireland, as these were acquired only in the middle of last year.
Mosaic Group was formed in November 2003 at the time of a management buy-out of the former owner of Oasis and Coast, Sierra Holdings.
Separate information the group published yesterday in the prospectus shows how Oasis and Coast have swiftly grown sales from their Irish business.
According to accounts for Sierra Holdings, annual sales at the chain's Irish business grew to £14.5 million in 2003 from £6.2 million the previous year.
Accounts for Karen Millen do not break down the level of sales at its Irish business before its acquisition by Mosaic.
With Mosaic's brands positioned in the upper-middle market at different price points, the group has outlets on the capital's main shopping streets - Henry Street and Grafton Street.
It also has outlets at the Dundrum, Blanchardstown and Liffey Valley shopping centres and at the Mahon centre in Cork. Mosaic also has concessions in stores such as Brown Thomas, Roches Stores, House of Frasier and Debenhams.
