W7 owner posts sales increase, says e-commerce exceeds expectations

Cosmetics manufacturer Warpaint London, owner of makeup brand W7, said it made positive progress in the first six months of the year as it announced a healthy increase in sales and profits.


W7

The British company released on Thursday its interim results for the six months ended 30 June, revealing a 3.7% increase in sales £13.3 million, while gross profit for the period jumped 3.9% to £5.2 million.

The group’s flagship cosmetics brand W7, described as an “extremely creative, design-focused cosmetic brand proposition with a focus on the 16-30 age range,” delivered a healthy 8.3% increase in sales.

Warpaint said all regions contributed to the growth, including the UK, Europe, the US and Australia. During the six-month period, W7 introduced the new range Very Vegan with initial sales proving “encouraging.”

Additionally, the company’s e-commerce strategy for the UK has “exceeded expectations” and will continue to develop internationally after a soft launch in the US. The online site is also planned to in China at the end of the year.

Commenting on the results, joint chief executives Sam Bazini and Eoin Macleod said: "We have had a positive first half of 2017 as the business continues to grow revenue and generate cash with no debt to service.  The W7 brand continues to increase in global awareness, in particular as we execute our e-commerce and social media marketing strategy.”

The positive trend has continued into the second half, with “significantly” increased Christmas orders to be delivered.

The company said it is confident it can deliver improving shareholder returns and expects the new Vegan range, the e-commerce strategy and the increased Christmas business to help fuel this growth. 

Copyright © 2017 FashionNetwork.com All rights reserved.

CosmeticsBusiness