London-based luxury jewellery brand Monica Vinader has reported a turnover increase of more than 20% during the winter period when compared to the same period in 2019.
This was led mostly by a 68% rise in e-commerce sales as stores in the UK and abroad have remained closed for much of the winter due to coronavirus restrictions.
The brand had nothing but praise for the UK Government’s business support package and credited its winter success to the Coronavirus Large Business Interruption Loan Scheme (CLBILS) via HSBC UK.
It said that a third of its sales usually come in the winter period, so when stores were closed internationally it relied heavily on the multimillion-pound HSBC loan.
Richard Colbert, chief financial officer at Monica Vinader, said: “With stores spread across the world, we were fortunate that our business model is so resilient and lockdown restrictions didn’t affect our stores all at once.
“But we still felt the brunt of the closures. We see around 20% of our sales in Asia and this is the market that took the biggest hit.
“The funding gave us breathing space to think strategically about how we adapt to the situation with the reduction of our wholesale and retail trading.
“Our team at HSBC UK, led by relationship director Sharon Murphy, reacted swiftly to our needs and we are pleased to have seen a very successful online trading period as a result.”
Andy Farmer, deputy area director for Hampshire and Dorset at HSBC UK, added: “Monica Vinader is a perfect example of a company that has been able to use quick thinking to adapt its business model.
“We are looking forward to seeing the company continue to grow in 2021.”
NewsSource: professionaljeweller
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