RECENTLY published accounts for the iconic Magee’s of Donegal Town show the business was on an upward curve even before Sex and the City star, Sarah Jessica Parker, shared a photograph of her new coat with her 9.5 million followers.
Parker, who is a regular visitor to Donegal, posted her new pink €575 Magee coat on her social media feed and the coat quickly began to sell.
Newly published accounts for the company behind the brand, Donegal Bay Group Ltd, show that profits surged in 2022 as revenues increased by 62per cent from €8.75m to €14.2m.
The pre-tax profit of €1.718m compared with a pre-tax profit of €784,986 in 2021 – an increase of 119per cent.
The directors state the group “experienced strong sales across all sectors due to the recovery of the market post-Covid”.
Commenting on the 2022 performance, CEO of Magee Clothing, Rosy Temple, said last year saw an encouraging post-Covid recovery, with a notably strong trading performance from the Weaving Mill in Donegal Town which exports luxury fabrics to international markets.
Ms Temple stated that The Magee 1866 stores in Donegal Town, South Anne Street, Dublin, Magee at Arnotts and www.magee1866.com delivered excellent sales across the lifestyle collections for men, women, home Interiors and accessories.
“Magee 1866 stockists in Ireland and the UK also performed well.
“A profitable 2022 puts us in a position to reinvest in the business, its infrastructure, environmental initiatives, and the continued development of the brand,” she said.
Rosy Temple is the fifth generation of the family to run the brand.
She anticipates 2023 will be a good year, particularly on the retail and e-commerce front with increasing consumer demand for quality, design-led pieces featuring unique fabrics, designed and woven at the Mill, such as the Corrib and Emma coats in their AW23 collection.
The 91 people employed last year saw staff costs increase from €2.33m to €3.31m.
The profit takes account of non-cash depreciation costs of €147,562.
At the end of December, shareholder funds had increased to €6.8m which included accumulated profits of €5.42m.